OFFICAL'
DCCU MENTS
RECOMMENDATION OF STATUTORY COMMITTEE
TO:    The President, International Development Association
Recommendation of the Committee under Section 1 (d) of Article V of the Articles of
Agreement on the proposed Credit (First Development Policy Financing) to the Republic
of Armenia
The undersigned Committee constituted under Section 1 (d) of Article V of the Articles
of Agreement of the International Development Association (the Association) hereby submits its
recommendation pursuant to said Section in respect of the proposal that the Association grant to
Armenia a credit in an amount of forty one million United States Dollars (US$41,000,000). The
purposes of said credit are to support strengthening competitiveness and enhancing fiscal, social
and environmental sustainability. The operation is also supported by the IBRD Loan in an
amount of thirty one million United States Dollars (US$31,000,000).
1.   The Committee has carefully studied the merits of the proposal to grant such a credit, and
of the purpose to which the proceeds of the credit are to be applied.
2.   The Committee is of the opinion that the program in support of which the proceeds of such
credit are to be applied comes within the purposes of the Association as set forth in Article I of
said Articles of Agreement, and that said program is designed to promote the economic
development of the Republic of Armenia and is of high developmental priority in the light of the
needs of the Republic of Armenia.


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REPUBLIC OF ARMENIA                               (First Development Policy Financing)
3.     Accordingly, the Committee finds that said program merits financial assistance from the
Association, and hereby recommends said program for such assistance.
COMMITTEE
Senior Vice President anTGroup
General Counsel
Nominee Selected by Govern  for
Republic of Amenia
AC41       egional Vice President
Europe and Central Asia
Vice President, Concessional Finance and
Global Partnerships
Senior Vice President, evelopment
Economics and Chief Economist
Dated aashington, D.C.
AO/