IMF APPROVES $74 MILLION DISBURSEMENT TO ARMENIA

2010/03 /30 | 16:04

finances

The International Monetary Fund’s (IMF) Executive Board has completed
the third review of Armenia’s economic performance under a program
supported by a Stand-By Arrangement (SBA). The decision enables
the immediate release of an amount equivalent to SDR 48.485 million
(about US$73.6 million), bringing total disbursements so far to SDR
350.425 million (about US$532.2 million).

The 28-month SBA was approved for an amount equivalent to a total of
SDR 368.0 million (about US$558.9 million) on March 6, 2009, with a
total amount of access augmented to an amount equivalent to SDR 533.6
million (about US$810.4 million) on June 22, 2009.

Following the Executive Board’s discussion on Armenia, Mr. Murilo
Portugal, Deputy Managing Director and Acting Chair, stated, "Armenia’s
performance under its Stand-By Arrangement with the Fund has been
strong, and the economic recession appears to have bottomed out, aided
by supportive monetary and fiscal policies. The challenge remains
to support the fragile recovery, address external vulnerabilities,
and advance a credible fiscal consolidation plan over the medium term.