What is the logic of taking a loan for a state with decreasing foreign investments, Oppositional MP asks
Armenian Oppositional MP from Armenian National Congress Aram Manukyan deems as irresponsibility toward an own state and the future generation the loan the state is about to take from international financial institutions. Manukyan’s comment’s came at a discussion on “Armenia M6 Interstate road” project held at the country’s National Assembly on June 14. The Parliamentarian informed that Armenia’s state debt is approaching 5 milliard 450 million USD which is more by 1 milliard as compared to January data of the previous years.
“The debt is borrowed for good projects - for transportation, electricity, agricultural programs, yet the question to pose is who is going to pay it back,” Manukyan asked rhetorically.
He reiterated his conviction that borrowing money is not a bad idea yet the one who is able to return the funds should take it.
“We haven’t those money. What is the strategic and business program which would ensure investments in Armenia? Those were decreased by ten times in one year. What is the logic of taking a loan for a state with decreasing foreign investment?” Manukyan asked.
As Panorama.am reported earlier, Armenia’s National Assembly discussed the financial arrangement referred to as “Armenia M6 interstate road” signed between the Republic of Armenia and the European Investment Bank this January 26 in Yerevan and January 29 in Luxembourg respectively approving the basic concept of rehabilitation and reconstruction of transit roads in Armenia.
According to preliminary estimates, the project will have a total cost of about 102 million euros, with 51 million euros to be co-financed by the European Investment Bank through a loan.
The project aims to upgrade the 90-kilometer section of the M6 interstate highway between Vanadzor and Armenia’s Bagratashen settlement on the northeastern border with Georgia.
Newsfeed
Videos
Artur Vanetsyan: I think you'll see me more often at various events in future
