IMF to release $60 million to Armenia

03.11.2009 20:54
IMF to release $60 million to Armenia

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). -0-


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