IMF ALLOCATED 73 MILLION

s17341.html
11:05:34 – 30/03/2010

According to ITAR-TASS, the central office of the International
Monetary Fund informed that Armenia has been allocated a credit of
73 million dollars, according to earlier reached agreements. Under
the same agreement, Armenia has already received 532 million dollars.

IMF Managing Director, Mario Portugal stated that Armenia carries out
serious work to overcome the effects of the crisis and because of this,
"the country, apparently entered into post-crisis phase".

Recall that the IMF loan will be sent to replenish the state reserves,
which are emptied in order to maintain the dram rate. But in 2009,
the IMF took an unprecedented step of allowing the use of about 150
million loan to replenish the budget deficit. It was stated that the
IMF will apparently allow the Armenian authorities to use 150 million
from its loan for budgetary purposes in 2010 too.

Former IMF representative Ninke Olmes in Yerevan said she is not
interested in how the government is going to spend that money because
she thinks the money will be used effectively.