ARMENIAN GOVERNMENT APPROVES 202.4SDR CREDIT AGREEMENT WITH IMF

ARKA
June 26, 2009

YEREVAN, June 26. /ARKA/. At its sitting in Kapan, Armenia, the
RA Government has approved a proposal for the signing, through an
exchange of letters, of a 202.4mln SDR credit agreement with the
International Monetary Fund.

The Ra Government’s press service reports that the Government made
the decision to execute the previous credit agreements with the IMF
aimed at financing the Armenian state budgets in 2009-2010.

On June 23, the IMF Executive Board completed the first review of
Armenia’s economic performance under a Stand-By Arrangement (SBA)
and approved an increase in the IMF’s financial support to an amount
equivalent to SDR 533.6 million (about US$822.7 million; or 580
percent of Armenia’s quota).

These decisions enable the immediate release of SDR 102.7 million
(about US$158.3 million), bringing the total disbursed to SDR 264.2
million (about US$400 million).