Armenia to Borrow €92.3 Million from the World Bank

The Armenian government has approved a request to receive a loan of €92.3 million and a grant of €16 million from the World Bank. This decision was made during today's session of the Armenian government.

The loan will be provided through the International Bank for Reconstruction and Development (a World Bank division that issues loans under favorable terms). The funds will be directed towards addressing the budget deficit for the year 2024; however, unlike previous loans of this type, the provision of this loan will come with certain conditions.

Accordingly, the Armenian government is committed to improving legislation aimed at combating climate change and corruption.

The projected budget deficit for 2024 is expected to reach 482.9 billion AMD, significantly higher than the 2023 figure of 245.3 billion AMD. This amount was allocated for support programs for those forcibly displaced from Nagorno-Karabakh, as well as for the continuation of major projects in infrastructure, schools, and kindergartens.