The head of the Armenian Ministry of Finance and the Executive Director of the EFSD signed an agreement on the terms of the Fund`s placement in the territory of the Republic of Armenia

ArmInfo. Armenian Finance Minister Vahe Hovhannisyan met with Andrey Shirokov, Executive Director of the Eurasian Fund for Stabilization and Development (EFSD).

According to the Ministry of Finance's press service, during the meeting, the parties discussed the details of ongoing infrastructure projects being implemented as part of their cooperation with the EFSD, as well as a technical assistance program to improve the quality of public sector financial reporting. Hovhannisyan expressed gratitude for the effective cooperation under these and other programs.

At the end of the meeting, Vahe Hovhannisyan and Andrey Shirokov signed the "Agreement between the Eurasian Fund for Stabilization and Development and the Government of the Republic of Armenia on the terms of the Eurasian Fund for Stabilization and Development's placement in the Republic of Armenia."

In this context, Andrey Shirokov noted that the creation of a comprehensive legal framework for the permanent presence of the Eurasian Fund for Stabilization and Development will enable a more rapid response to the needs of the country's economy, expand its project portfolio, and deepen dialogue with experts.

As a reminder, on January 22, the Government of Armenia approved an agreement between the Eurasian Fund for Stabilization and Development and the Government of the Republic of Armenia "On the Terms of Deployment of the Eurasian Fund for Stabilization and Development in the Republic of Armenia." The agreement states that the Eurasian Fund for Stabilization and Development was established by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan based on the agreement "On the Establishment of the Eurasian Fund for Stabilization and Development" of June 9, 2009. The objectives of the EFSD are to promote economic and financial stability in the Fund's member states and support their sustainable development.

The Eurasian Fund for Stabilization and Development (EFSD, USD 8.58 billion) has been providing financial support to Armenia, one of its founding members, since 2009. The Fund provides loans, grants, and technical assistance to modernize infrastructure, including the North-South project, and support economic reforms aimed at strengthening the economy.