EU allots 100m euros to crisis-hit Armenia
YEREVAN – The European Union has allocated 100 million euros to Armenia to help the country through the global crisis. 65m euros will be provided as a loan and the remaining 35m as a grant, according to the EU website.
But the funds will be allotted on the condition that the assistance supports a program agreed between Armenia and the International Monetary Fund that aims to help the country overcome the economic crisis.
The EU program also requires Armenia to implement a number of agreed economic policy measures in areas including public debt management, pension system, public internal financial control, tax and customs policies.
The impact of the global crisis was particularly strong on the Armenian economy, which contracted by 14.2% in 2009. In 2010, economic activity supported by appropriate macroeconomic policies revived with real GDP growing by 4%. While the economic recovery is taking hold, the country's external situation remains vulnerable as the financing of the large current account deficit remains uncertain, the EU concluded.
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