23.07.2010 19:17
YEREVAN, July 23. /ARKA/. International Monetary Fund (IMF) facilitates credit terms for Armenia by increasing redemption of anti-crisis credits twice, said Armenian Minister of Finance Tigran Davtyan.
Credits by the program Stand-by Arrangement are provided for 5 years with grace period of three years. In the frames of new IMF program it will be 10 years. At the end of June, Executive Board of IMF approved two programs of anti-crisis credit support to Armenia in the total amount of $395 million.
Terms of Stand-By Arrangement were rather tough and hard for Armenia.
“New terms facilitate credit terms but will be tense for debt redemption. But there is nothing for concern. We approved medium-term program of expenses. It envisages articles for debt service which the government handed over in crisis conditions”, said Davtyan.
Currently, total credit provided to Armenia by IMF is 350.4 million SDR (about $532.2 million). —0—
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