Given the global coronavirus epidemic forecast for the worsening economic situation in 2020, international financial institutions are trying to support member states as much as possible to overcome the consequences of the epidemic.
In this context as a result of the joint work of Armenia and the World Bank the previous decision on the application of additional interest rates (1.7% per annum) on a number of loans provided to Armenia by the International Development Association was canceled for one year and will not be used for fiscal year (from July 1, 2020 to June 30, 2021).
According to the World Bank and the RA Ministry of Finance as a result of the cancellation the savings of the RA state budget on foreign interest payments will make about 13 million USD.
