YEREVAN, JUNE 30, NOYAN TAPAN. In January-May 2007, the crediting from the RA state budget made 7.88 bln drams (about 22 mln USD), 7.82 bln drams of which was provided to the NKR, 55.2 mln drams was provided to repressed citizens on concessional terms for improvement of their houses. According to the RA Ministry of Finance and Economy, 178.8 mln drams of previously provided credits was repaid to the state budget. As a result, the net crediting made about 7.7 bln drams. The net crediting increased by 25.2% on the same period of 2006 at the expense of the interstate credit given to the NKR in 2007. In the first five months of 2007, the state budget of the RA was fulfilled with a surplus of 15.3 bln drams (without the inflow of funds under credit programs from external sources). The budget was negatively financed by 22.2 bln drams from the domestic sources of financing and was positively financed by about 7 bln drams from the external sources. The state budget was negatively financed by 573.4 mln drams at the expense of treasury bonds (their issue made 15.8 bln drams, redeption - 16.4 bln drams). 472.7 mln drams was allocated from the domestic sources of deficit financing for payment of promissory notes. Available budgetary resouces grew by 21.2 bln drams. In Janaury-May 2007, the World Bank provided a credit of 10.2 bln drams under the Poverty Reduction Assistance Program. 3.2 bln drams was allocated for payment of foreign liabilities. 3.2 bln drams was allocated for state debt's servicing in the indicated period, which ensured 61% fulfilement of the respective program for the first half of 2007: particularly, over 2 billion drams was allocated for servicing the domestic debt and 1.1 bln drams - for servicing the foreign debt. Expenditures on state debt servicing declined by 7.2% as compared with January-May 2006, mainly due to a decline in expenditures on foreign debt servicing.

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