PanARMENIAN.Net - Armenia’sstanding committees on European integration and financial and credit and budgetary affairs held a joint session on the 2016 draft state budget Thursday, November 5, Panorama.am reports.

As First Deputy Finance Minister Pavel Safaryan noted at the session, the European Union will provide a €24 million grant to Armenia in 2016.

According to him, the sum will be spent on implementation of three programs, including one on preparatory activity for a new Armenia-EU agreement.

“€21 million is necessary to implement the program. The first tranche of €7 million, included in next year’s draft budget will arrive in the second quarter of 2016; the second tranche of €7.8 million is set to come in the second quarter of 2017,” the Deputy Minister said.