Public Efficiency and Financial Markets Program’s second loan agreement between the Republic of Armenia and the Asian Development Bank was signed on November 9, 2018, within the framework of which it is envisaged to attract USD 50 million budgetary assistance funds. Budget support loans enable to attract preferential means and simultaneously implement large-scale reforms.
Reforms carried out within this Program include implementing measures to strengthen borrower's public debt and fiscal risk management practices and policiy, improve government securities and money market infrastructures, expand financial toolkit base and investor capacity and strengthen corporate transparency.
As a result, after the full implementation of the reforms, the Republic of Armenia is provided with the opportunity to involve the necessary means to be channeled to the deficit financing defined by the RA Law “On the 2018 State Budget”. The first phase of the Program was implemented in 2017 and as a result USD 40 million was attracted.