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Decision To Redouble IMF Loans Not To Have A Direct Impact On Armeni

DECISION TO REDOUBLE IMF LOANS NOT TO HAVE A DIRECT IMPACT ON ARMENIA

PanARMENIAN.Net
28.04.2009 20:01 GMT+04:00

The IMF Executive Board agreed last week to redouble loan quotas
provided to poor countries under the Poverty Reduction and Growth
Facility (PRGF) and Exogenous Shocks Facility (ESF) programs, thus
assisting low income countries which suffered great losses as a result
of the global economic recession.

In this connection, Ninke Omes, IMF permanent representative in
Armenia, noted that such decision will not have direct impact on
Armenia, as the country has signed a Stand-By Arrangement with IMF,
and the above-mentioned decision does not apply to countries benefiting
from IMF funding programs.

Earlier, the IMF Executive Board approved Stand-By Arrangement
envisaging a sum of SDR 368 million for Armenia (540 US Dollars). The
sum will be allocated within a period of 28 months.

The lump sum to be allocated under the program comprises SDR 161,5
million (about 237 million US Dollars). The remaining sum will be
allocated in 9 branches, to be included in quarterly reports.

The arrangement will provide exclusive access to IMF resources,
making up 400% of quotas from Armenia. The resources are allocated
for the term of 5 years, with a 3 years’ grace period at an annual
interest rate of 1,54 %.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS
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