The Executive Board of the International Monetary Fund (IMF) has
completed
the second review of Armenia’s economic performance under a program
supported by a Stand-By Arrangement (SBA), said in press-release
published on IMF web-site.
IMF approved a request for a waiver of nonobservance of end-September 2009
fiscal balance performance criterion, modification of the quantitative
performance criteria for end-December 2009 to reflect the revised
macroeconomic framework and rephrasing of purchases to make the
amounts scheduled to become available following the second and third
review available upon completion of the second review. These decisions
enable the immediate release of about $60 million, bringing the total
disbursed to $479 million. The 28-month SBA was approved on March 6,
2009.
Following the Executive Board’s discussion on Armenia, Mr. Takatoshi
Kato,
Deputy Managing Director and Acting Chair, stated: `The global crisis
has continued to have a serious impact on the Armenian economy.’
`The short-term outlook remains challenging. As external conditions
improve, growth is expected to resume gradually in 2010, although
risks remain, including a slower recovery of the global
economy. Continued reforms, particularly in the areas of tax policy
and tax reform administration, the financial sector, and the business
environment will be necessary to boost
the medium-term growth potential of the economy,’ Mr. Kato said.
TODAY, 11:55
Aysor.am 03/imf-armenia/