Armenia asks for USD 1 billion

Armenia is asking Russia for a credit of USD 1 billion to help it resist the world economic crisis. Some time ago when Russian Finance Minister Kudrin aired this information there was some surprise at the amount of credit being requested. However Armenian experts are explaining the reasons for asking for this amount.

Due to the global crisis money transfer to individuals from abroad has decreased considerably, and as is known this is a major source of subsistence for most of the Armenian population. The deficit in transfers is approximately estimate to USD 1 billion. Therefore the credit is needed to breach this deficit.