RA GOVERNMENT APPROVED IMF PROPOSAL ON ALLOCATING $202 400 MILLION

/PanARMENIAN.Net/
26.06.2009 19:49 GMT+04:00

/PanARMENIAN.Net/ In an away session on Friday, RA Government approved
International Monetary Fund’s (IMF) proposal on the allocation of $
202 400 million credits to Armenia.

The decision was made in the frameworks of preceding IMF-Armenia
agreements on funding RA Budget in 2009-10. Budgetary assistance
should be provided through the exchange of letters.

As reported earlier by Ninke Omes, permanent representative of IMF
Office in Armenia, the fund will allocate 158 million to the country
by the end of the current week.

On May 6, IMF Executive Board approved the stand-by agreement
envisaged for 28 months. Under the document signed, the fund will
provide financial assistance to Armenia in the amount of USD 540. The
proposal on increasing financial assistance by USD 255 million was
approved on Monday. The total sum thus comprised USD 823 million. In
March 2009, IMF allocated USD 250 million to Armenia, Ninke Omes
noted in that connection.

IMF program aims to assist Armenia in resisting crisis impact,
ensuring trust in foreign currency as well as protecting vulnerable
groups of society.

From: Emil Lazarian | Ararat NewsPress