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.