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  • $73.6 Million

    $73.6 MILLION

    http://a1plus.am/en/economy/2010/03/30/im f
    05:11 pm | March 30, 2010

    Economy

    IMF Completes Third Review Under Stand-By Arrangement for Armenia
    and Approves $73.6 Million Disbursement

    The Executive Board of the International Monetary Fund (IMF) today
    completed the third review of Armenia's economic performance under
    a program supported by a Stand-ByArrangement (SBA). The decision
    enables the immediate release of an amount equivalent toSDR 48.485
    million (about US$73.6 million), bringing total disbursements so far
    an amountequivalent to SDR 350.425 million (about US$532.2 million).

    The Executive Board also approved a request for a waiver of
    nonobservance of the end-December 2009 quantitative performance
    criterion on the net domestic assets of the CentralBank of Armenia
    (CBA).

    The 28-month SBA was approved for an amount equivalent to a total
    of SDR 368.0 million (about US$558.9 million) on March 6, 2009 (see
    Press Release No.

    09/68), with a total amount of access augmented to an amount equivalent
    to SDR 533.6 million (about US$810.4 million) on June 22, 2009 (see
    Press Release No. 09/228).

    Following the Executive Board's discussion on Armenia, Mr. Murilo
    Portugal, Deputy Managing Director and Acting Chair, stated:

    "Armenia's performance under its Stand-By Arrangement with the Fund has
    been strong, andthe economic recession appears to have bottomed out,
    aided by supportive monetary and fiscal policies. The challenge remains
    to support the fragile recovery, address externalvulnerabilities,
    and advance a credible fiscal consolidation plan over the medium term.

    "Fiscal policy aims to continue to support the recovery, while
    gradually starting fiscal consolidation in 2010. Social spending will
    be protected. The authorities are committed to make good progress on
    the reforms in tax policy and administration, as well as on public
    expenditure and debt management.

    "Monetary policy aims to move from an accommodative to a more neutral
    stance, in order to head off potential inflation pressures. The
    authorities are committed to a flexible exchange rate regime, and
    aim to strengthen the monetary transmission mechanism to enhance the
    International Monetary Fund Washington, D.C. 20431 USA

    effectiveness of monetary instruments, as well as improve the central
    bank's communication strategy.

    "The financial sector remains sound and well capitalized, and
    the authorities have strengthened their crisis preparedness and
    contingency planning frameworks. Further reformswill be important to
    ensure continued resilience to risks.

    "The authorities are committed to pursue broad-based structural
    reforms to enhance productive capacity and promote long-term growth
    through an open trade regime, an improved business environment,
    better governance, and increased market competition in keysectors of
    the economy," Mr. Portugal said.
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