IMF TO SPEED UP AID TO ARMENIA
news.am
Nov 3 2009
Armenia
International Monetary Fund (IMF) completed the second review of
anti-crisis stabilization program implemented by Armenia under IMF
credit support.
According to Wall Street Journal, IMF "reworked details of a loan
agreement with Armenia to speed aid to the country." Armenia will
immediately receive an additional $60 million from its $822.7 million
loan facility. The source recalls that Armenia was impacted most by
global crisis among Central European countries. The country has drawn
over U.S. $400m from the provision.
IMF deputy managing director Takatoshi Kato stated that, "The fall
in remittances and the collapse in the construction sector have
caused a more severe economic contraction and lower fiscal revenue
than anticipated."
Under IMF forecast, economic slump in Armenia in 2009 will total 15.6%.
"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 rephasing of purchases to
make the amounts scheduled to become available following the second
and third review available upon completion of the second review,"
IMF official website reads.