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IMF Proposes $540 Million Loan To Armenia

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  • IMF Proposes $540 Million Loan To Armenia

    IMF PROPOSES $540 MILLION LOAN TO ARMENIA
    Gita Elibekyan

    "Radiolur"
    03.03.2009 14:40

    The Directorate of the International Monetary Fund (IMF) declared
    today that Armenia has been adversely affected by the world
    economic crisis. Mr. Dominique Strauss-Kahn, Managing director of
    the International Monetary Fund, issued the following statement on
    Armenia today:

    "After many years of strong economic performance, Armenia has been
    adversely affected by the global economic and financial crisis. In
    response, the Armenian authorities have put together a strong and
    credible economic program to address the deterioration in Armenia's
    external outlook, restore confidence in the currency and financial
    system, and protect the poor."

    "The comprehensive policy package developed by the Armenian authorities
    in consultation with IMF staff includes a floating exchange rate
    regime with supporting monetary, fiscal and financial policies, as
    well-targeted structural reforms. The authorities are also taking
    measures to help offset the economic downturn and mitigate the impact
    of the economic crisis on poor.

    The strong measures that the authorities are taking justify the
    exceptional level of access to Fund resources and deserve the support
    of the international community," Mr. Strauss-Kahn said.

    IMF Permanent Representative in Armenia Nienke Oomes met with
    reporters today to present their predictions and suggest ways out of
    the situation.

    Nienke Oomes said that taking into consideration the extremely negative
    influence of the economic crisis on Armenia, the IMF has proposed a
    $540 million loan to the Armenian Government.
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