How to extort half a million
The inaction of the Armenian government in regard of monitoring the investment project of North-South highway, cost the taxpayers 0,5 million USD. The Asian Bank has allotted 170 million USD to Armenia as a second trench. Because of the delay the money is still on the accounts of the Asian Bank. But this means that the Armenian government still has to pay an annual 0,15% interest rate. The loan contract of the second trench was adopted on December 21, 2010. Up until now the interest rate amounted to 425,026.4 USD. This figure promises to go up because the deadlines of the highway construction have been infringed. Because of the recent findings of the Audit Chamber most probably the re-launch of the project will again be delayed. Recently the Armenian Premier Tigran Sargsyan attempted to prevent this by ordering the government members to negotiate with the Asian Bank to cease the payments of interest rates. But in reality it is impossible because by itself the contract is a trade document and thus cannot be waivered or edited.
