To cover budget deficit and overcome financial crisis consequences, in 2009 Armenia will attract total crediting of AMD 300 billion, RA Prime Minister Tigran Sargsyan told at Friday's governmental meeting. Sargsyan specifically noted that Russian credit will be partially allocated to budget deficit coverage. "This year deficit index will register a significant difference compared with 2008, due to AMD 300 billion we'll attract within current year, including credits provided by Russia, WB, Asian Bank of Development and IMF," he said.

In this connection Sargsyan noted that necessary changes should be implemented for 2009 bugjet fulfillment and retaining of existing expenditures. According to Prime Minister the issues will be discussed at parliamentary meeting of June 2.

On May 20 in Moscow Russian Finance Minister Alexei Kudrin and his Armenian counterpart Tigran Davtyan signed an agreement on granting of a $500 million loan to prop up the Armenian economy amid the ongoing economic crisis.
The loan will be extended for 15-years at LIBOR plus 3%.