IMF TO RELEASE $60 MILLION TO ARMENIA

ARKA
Nov 3, 2009

YEREVAN, November 3, /ARKA/. The Executive Board of the International
Monetary Fund (IMF) said today in a statement it has completed the
second review of Armenia’s economic performance under a program
supported by a Stand-By Arrangement (SBA) and 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.

It said these decisions enable the immediate release of SDR 37.72
million (about US$60 million), bringing the total disbursed to SDR
301.94 million (about US$479 million). The 28-month SBA was approved
on March 6, 2009 with access augmented on June 22, 2009.

On March 6, 2009 the Executive Board of the International Monetary
Fund (IMF) approved a 28-month SDR 368 million (about US$540 million)
Stand-By Arrangement for Armenia to support the country’s program to
adjust to the deteriorated global outlook, restore confidence in the
currency and financial system, and protect the poor.

On June 22 the Executive Board of the International Monetary Fund
(IMF) completed the first review of Armenia’s economic performance
under a Stand-By Arrangement (SBA) and approved an increase in the
IMF’s financial support to an amount equivalent to SDR 533.6 million
(about US$822.7 million; or 580 percent of Armenia’s quota).