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MEMORANDUM OF UNDERSTANDING BETWEENMemorandum of Understanding • May 3rd, 2013
On 30 November 2009, the Council of the European Union adopted a decision to make available to the Republic of Armenia (hereafter referred to as "Armenia" or "the country") a macro-financial assistance of up to EUR 100 million, comprising a grant facility of up to EUR 35 million (the Grant) and a loan facility of up to EUR 65 million (the Loan) (Decision 2009/890/EC1). The objective of this assistance is to help the country’s government address residual external financing needs that emerged as a consequence of the strong economic slowdown in late 2008 and in 2009 due to the global economic and financial crisis. This assistance from the European Union is complementary to the resources provided to Armenia by International Financial Institutions and bilateral donors in support of the authorities’ efforts to implement their economic stabilisation and reform programme and to address social hardship caused by the steep economic slowdown.
