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The draft law on Ratifying the Loan Agreement on State Sector Modernization Project 4 signed between the Republic of Armenia and the International Bank for Reconstruction and Development on March 15 and 18, 2022, was debated at the sitting of the NA Standing Committee on Financial-Credit and Budgetary Affairs convened on September 5.
The proposed fourth project builds on the achievements of the previous three State Sector Modernization Projects carried out by the support of the World Bank, aiming to promote the implementation of GovTech, a nationwide approach to public sector modernization, in the direction of modernization of functions and services of public sector in Armenia. As a result of successful implementation of the project, it is expected to increase the efficiency of selected state services and improve their accessibility for businesses and citizens. The project is in line with the Government’s Programme for 2021-2026.
The key rapporteur, the Deputy Chairman of the State Revenue Committee (SRC) Ashot Muradyan informed that the total amount of the project is 26 mln 500 thousand EUR. The loan repayment period is 25 years, of which the grace period is 14.5 years, annual loan rate – base rate (6-month EURIBOR) plus floating spread.
The draft loan agreement will cause additional financial obligations for the state budget of the Republic of Armenia.
In response to the deputies’ questions, Ashot Muradyan informed that parallel to the implementation of the previous projects, an increase in the quality of services in the sphere was observed.
The Committee endorsed the draft law. It will be included in the draft agenda of the NA upcoming regular sittings.
Before the debate of the issue at the NA plenary sitting, the executive body will present information on the results of the previous three projects.
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