Yerevan /Mediamax/. The Asian Development Bank (ADB) approved provision of two program loans at the total volume of $80mln to help Armenia combat influence of the global economic crisis.

Mediamax reports referring ADB press service that besides Armenia, the Bank will also provide loans to Georgia ($80mln) and Tajikistan ($40mln) to support social programs.

ADB informed that the economies of Armenia, Georgia and Tajikistan have been among the worst hit in the region by the crisis. Armenia and Tajikistan have seen a huge influx of returning workers who have lost their jobs in the Russian Federation and Kazakhstan, resulting in a sharp decline in remittance income, private domestic spending, and government revenue.

ADB forecasts that in Armenia, real gross domestic product (GDP) will make 9.5% following the results of the year.

ADB’s funding support will be used to pay state benefits and provide social security to more vulnerable groups of the population, as well as to preserve and create new jobs. It is expected that the loan means will be fully used by the end of the year.