Armenia and Russia to control credits together

The Control Chamber of Armenia and the Chamber of Accounts of Russia will check credits Russia issued for Armenia together, Chairman of the Armenian chamber Ishkhan Zakaryan said in Yerevan, ARKA reports.

The chambers signed a new cooperation program for 2013-2015. Chairman of the Russian Chamber of Accounts Sergey Stepashin said that the initiative belongs to Armenia.

They rounded up the program for joint control of imports and exports of food and the cooperation program for 2010-2012.

Russian and Armenian Ministers for Finances Alexey Kudrin and Tigran Davtyan signed a deal on May 20, 2009, granting Armenia a 15-year loan worth $500 million. Armenia received the finances on June 12, 2009. It has a beneficial period of 4 years and the LIBOR + 3% rate.

The funds will be spent on stabilization and development of economy, realization of the program for restoration of disaster zone, support of small and medium-scale business, formation of a stabilization fund for anti-crisis measures.