IMF ALLOCATES $ 60 MILLION TO ARMENIA IN THE FRAMES OF ANTI-CRISIS CREDIT PROGRAM

PanARMENIAN.Net
03.11.2009 14:35 GMT+04:00

/PanARMENIAN.Net/ International Monetary Fund (IMF) has finished
second monitoring of anti-crisis support program implemented by
Armenia due to its credit support. Decisions adopted by directors’
board, provide Yerevan’s access to tranche in the amount of $60. The
total sum allocated to Armenia will thus comprise $ 479 million,
ITAR-TASS reports, quoting the Fund’s release.

IMF deputy chief Takatosi Kato announced in a recent discussion that
"The global crisis has continued to have a serious impact on the
Armenian economy," and its 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," he said, adding that "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."