At the initiative of the RA Government, an extraordinary session of the Armenian National Assembly was held on Thursday, July 2, during which a bill on the agreement between the RA Government and the Government of the Russian Federation on the provision of a USD 200 million interstate export credit to Armenia was presented. According to the bill, the loan will be spent on the purchase of exclusively Russian military equipment.
RA Deputy Defense Minister Ara Nazaryan said latest military equipment would be obtained with these funds, part of which was presented during the [Victory Day Parade] in Moscow on May 9, 2015.
Opposition “Armenian National Congress” faction MP, economist Hrant Bagratyan commented that the agreement contained “harsh conditions for Armenia.”
“In case of a delay, the debt turns into a syndicated loan, and the Russian side gets the right to demand the entire loan. That's cruelty. Secondly, when the loan expires, its interest increases from 3[%] to 4,5[%]. Thirdly, there is equipment which will only be ready in a year, but interest is already being accrued. My only questions is, have you calculated our losses?” the lawmaker said.
“There is nothing harsh about this credit,” Nazaryan answered, adding that it has been positively assessed by the RA Ministry of Finance: “There won't be any losses. No calculations needed.”
Opposition “Heritage” faction MP Zaruhi Postanjan, in turn, called the credit agreement humiliating for Armenia. Co-rapporteur Shirak Torosyan urged Postanjyan to “contain yourself.”