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IMF Approves 3rd Tranche Of PRGF Loan For Armenia

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  • IMF Approves 3rd Tranche Of PRGF Loan For Armenia

    IMF APPROVES 3RD TRANCHE OF PRGF LOAN FOR ARMENIA

    Interfax News Agency
    Russia & CIS Business and Financial Newswire
    May 19, 2006 Friday

    The executive board of the International Monetary Fund approved the
    third tranche this week of a Poverty Reduction and Growth Facility
    (PRGF) for Armenia worth 3.28 million SDR ($4.9 million), the IMF
    representation in Yerevan said in a press release.

    The IMF will have provided Armenia with 9.84 million SDR (about $14.7
    million) under the PRGF program once it provides the second and third
    tranches, the release says.

    The IMF implements the PRGF program in low-income countries to
    stimulate economic growth and reduce poverty. The loans are provided
    for 10 years at an annual 0.5% with a grace period of five and a
    half years.
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