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IMF To Allocate $540 Million For Armenia To Stabilize Payment Balanc

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  • IMF To Allocate $540 Million For Armenia To Stabilize Payment Balanc

    IMF TO ALLOCATE $540 MILLION FOR ARMENIA TO STABILIZE PAYMENT BALANCE

    ARKA
    March 3, 2009
    YEREVAN

    The International Monetary Fund (IMF) plans to earmark $540mln to help
    Armenia stabilize its payment balance, IMF Permanent Representative
    in Armenia Ninke Oomes reported.

    The annual interest rate of the five-year loan is 1.54%. The credit
    funds will be sent to the Central Bank of Armenia (CBA) and will help
    replenish the country's foreign-currency reserves, Oomes said.

    IMF Managing Director Dominique Strauss-Kahn today urged the fund's
    Executive Board to approve a 28-month $540mln stand-by arrangement
    for Armenia.

    According to Oomes, the application will probably be approved on
    March 6 and the fund will start earmarking the funds. The first
    $240mln will be paid flat next week.

    The funds are enough to boost Armenia's payment balance, Oomes said,
    citing IMF experts' forecasts.

    With $525mln worth WB assistance and $500mln Russian loan, Armenia
    will get a strong financial support, the IMF permanent representative
    concluded.
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