Armenia to receive third $17 million disbursement of IMF in June

YEREVAN, April 8. / ARKA /. Speaking at a news conference today
the chief of IMF Mission in Armenia, Mark Horton, said Armenia will
receive the third disbursement of $17 million under IMF’s Extended
Fund Facility (EFF) program in June.

The extended arrangement for SDR 82.21 million (about US$119.1 million)
was approved on March 7, 2014. The money will be disbursed in seven
tranches, Mr. Horton said.

He said the first review of Armenia’s economic performance under the
three-year program was completed on December 22, 2014 enabling the
release of SDR 11.74 million (about US$17 million), bringing total
disbursements under the arrangement to SDR 23.48 million (about
US$34 million).

He said the IMF submitted to the Armenian government several proposals,
the discussion of which will be completed within the next 2-3 weeks,
and the results will be submitted to the IMF Board meeting in June.

He said one of the proposals calls for increasing capital spending
by 1% of GDP. According to him, the IMF does not fund capital
expenditures, but nevertheless, the Armenian government is working
with international financial institutions and other organizations in
order to find the necessary funds.

Mr. Horton also noted that some other proposals submitted to the
government are about transport communications and renovation of
Armenian schools buildings which do not meet seismic standards.

Mr. Horton said if these projects are implemented successfully, the
IMF can provide the Central Bank of Armenia this year with additional
$35 million. -0-