ARMENIA, IMF REACH DEAL ON $60 MILLION LOAN

Yerkir
17.09.2009 16:57
Yerevan

Yerevan (Yerkir) – The International Monetary Fund announced September
16 a staff-level agreement with Armenia on its loan, which would give
the country access to $60 million once the IMF board approves.

The IMF now expects Armenia’s economy to contract by 15% as the impact
from the global crisis has deepened.

Tax revenues have dropped sharply, with the budget deficit expected
to rise to as much as 7.5% of gross domestic product, the IMF said
in a statement.