On November 27, 2007, the World Bank supported a $18.5 million Poverty Reduction Support Credit for Armenia. The project will help sustain economic growth, provide resources for the budget, facilitate priority reforms for Armenia's government, and bolster the fight against illegal lodging. This is the fourth installment and it will bring the total budget from the World Bank since 2004 to over $84 million. The Bank helps the Armenian government fight against monopolies in order to help exoprters and businesses, while at the same time creating job opportunities. Some of the funding will be used to help companies become more transparent, resulting in increased foreign and domestic capital for investment and job creation. Systems will be created which enable the public to access full information on companies and owners.
The main objective for this program is to reduce corruption and improve prospects for investment by ensuring customs and tax administrations are reformed. The credit will also be used to prevent illegal lodging and protect the forest of Armenia.
Armenia hopes that by eradicating monopolies in the distribution of goods, and by raising standards in customs and tax administrations, it can improve it's business enviornment. Before reading this article, I had never heard of Armenia. I did not know it even had a serious poverty problem. I hope that this new program helps the country.
http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:21565332~pagePK:34370~piPK:34424~theSitePK:4607,00.html
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