The World Bank on Tuesday disbursed a $75 million loan to the Republic of Armenia to fund the implementation of reforms to help its macroeconomic climate.
The reforms that are being taken on by the Republic of Armenia are to expand opportunities to business in the country and to lessen the regulatory burden placed on businesses. The country aims to strengthen the business environment by improving access to credit lines, implementing government efficiency and transparency measures, and improving infrastructure and the management of it to foster a more habitable commerce space.
The government also will be implementing social protections to allow individuals less burdens in medical care in the form of waivers on co-payments to households. The government of Armenia also plans to scale back its regulatory inspections on business and start a single point for customs clearance and reorganize the institutional structure of the oversight on the aviation sector that will improve accountability for both parties.
“Our commitment to the people and government of Armenia includes supporting this package of reforms, which will help the Armenian economy make the shift from an unsustainable reliance on inflows towards export-oriented growth and a higher rate of job creation,” said Laura Bailey, World Bank country manager for Armenia.