Bostanjian says of $395 mln loan from IMF

Deputy Chairman of the Standing Parliamentary Commission on Economic Affairs Vardan Bostanjian referred in the press conference Wednesday to the recent $395 million loan provided a day before by the International Monetary Fund. Bostanjian said that Armenia hasn’t got enough funds and applies to credit organisations for loans to implement large projects.

“This is a dynamic process. The spending will be shown in the state budget during the time, in process, depending on what incomes will be, what we will need. However, due to this funds, we have a legal framework, a law, which requires that the budget deficit will never go over current figure of 7,5%,” said lawmaker. “On the whole, I don’t consider using of loans to be reprehensible,” added Bostanjian.

He said that “in case of appropriate approaches, we can show good results.”