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Armenia to receive US $60 mln from IMF

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  • Armenia to receive US $60 mln from IMF

    The Executive Board of the International Monetary Fund (IMF) has
    completed
    the second review of Armenia's economic performance under a program
    supported by a Stand-By Arrangement (SBA), said in press-release
    published on IMF web-site.
    IMF approved a request for a waiver of nonobservance of end-September 2009
    fiscal balance performance criterion, modification of the quantitative
    performance criteria for end-December 2009 to reflect the revised
    macroeconomic framework and rephrasing of purchases to make the
    amounts scheduled to become available following the second and third
    review available upon completion of the second review. These decisions
    enable the immediate release of about $60 million, bringing the total
    disbursed to $479 million. The 28-month SBA was approved on March 6,
    2009.
    Following the Executive Board's discussion on Armenia, Mr. Takatoshi
    Kato,
    Deputy Managing Director and Acting Chair, stated: `The global crisis
    has continued to have a serious impact on the Armenian economy.'
    `The short-term outlook remains challenging. As external conditions
    improve, growth is expected to resume gradually in 2010, although
    risks remain, including a slower recovery of the global
    economy. Continued reforms, particularly in the areas of tax policy
    and tax reform administration, the financial sector, and the business
    environment will be necessary to boost
    the medium-term growth potential of the economy,' Mr. Kato said.


    TODAY, 11:55
    Aysor.amhttp://www.aysor.am/en/news/2009/11/ 03/imf-armenia/
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