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Armenia, IMF Reach Deal On $60 Million Loan

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  • Armenia, IMF Reach Deal On $60 Million Loan

    ARMENIA, IMF REACH DEAL ON $60 MILLION LOAN

    Yerkir
    17.09.2009 16:57
    Yerevan

    Yerevan (Yerkir) - The International Monetary Fund announced September
    16 a staff-level agreement with Armenia on its loan, which would give
    the country access to $60 million once the IMF board approves.

    The IMF now expects Armenia's economy to contract by 15% as the impact
    from the global crisis has deepened.

    Tax revenues have dropped sharply, with the budget deficit expected
    to rise to as much as 7.5% of gross domestic product, the IMF said
    in a statement.
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