YEREVAN, April 11. /ARKA/. The government of Armenia made a decision today to acquire additional shares in the International Bank for Reconstruction and Development (IBRD, the first of five member institutions that compose the World Bank Group) to the tune of $5.4 million until 2023 inclusive to maintain its position in the financial institution.
Minister of Finance Atom Janjughazyan said Armenia currently holds 1.642 IBRD shares (0.07%) and in order to retain its position and the voting right (0.1%), the country has to acquire additionally 360 shares, each of which costs $120, 635.
He said that the acquisition of shares will be carried out in equal tranches of $1,803,091 in 2021-2023.
The minister recalled also that Armenia periodically acquired additional shares to maintain its position in the bank.
Armenia became a member of the World Bank in 1992 having since then implemented more than 100 World Bank-financed programs.
“At present, Armenian government’s credit debt to the World Bank stands at $1.8 billion, while the amount of the agreed loan agreements with the World Bank is $2.4 billion, of which $600 million have not yet been used,” said Janjughazyan. -0-
