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IMF Approves $74 Million Disbursement To Armenia

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  • IMF Approves $74 Million Disbursement To Armenia

    IMF APPROVES $74 MILLION DISBURSEMENT TO ARMENIA

    http://hetq.am/en/finances/29438/
    2010/03 /30 | 16:04

    finances

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

    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, 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.

    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, and the economic recession appears to have bottomed out, aided
    by supportive monetary and fiscal policies. The challenge remains
    to support the fragile recovery, address external vulnerabilities,
    and advance a credible fiscal consolidation plan over the medium term.
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