IMF approves $56.1 million disbursement for Armenia

13.12.2011 21:51
IMF approves $56.1 million disbursement for Armenia
YEREVAN, December 13. /ARKA/. The Executive Board of the International Monetary Fund (IMF) has completed its third review of Armenia’s economic performance under a program supported by Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, according to the press release received from the IMF.
“The decision enables the authorities to draw an additional SDR 36.2 million (about US$56.1 million), bringing total disbursements under the arrangements to SDR 144.8 million (about US$224.3 million),” the press release says.
The three-year SDR 266.8 million (about US$413.4 million) EFF and ECF arrangement with Armenia was approved by the IMF’s Executive Board on June 28, 2010.
“The Armenian authorities should be commended for continued implementation of sound policies under the Fund-supported program, which have helped underpin the moderation of inflation this year and the continuing post-crisis recovery,” the IMF press office quoted Nemat Shafik, Deputy Managing Director, as saying. “Fiscal policies have been prudent, with the budget deficit reduced significantly again in 2011, and further consolidation planned for 2012 and beyond. This should help ensure fiscal and debt sustainability and reduce vulnerabilities. The 2012 tax package is welcome, as it will ease the adjustment burden on spending. Further measures are expected in the forthcoming tax strategy paper.”
The new ECF/EFF program will help Armenia withstand mid-term challenge, contributing to recovery of the economy, strengthening payment balance and ensuring sustainable poverty reduction process. -0--
YEREVAN, December 13. /ARKA/. The Executive Board of the International Monetary Fund (IMF) has completed its third review of Armenia’s economic performance under a program supported by Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, according to the press release received from the IMF.
“The decision enables the authorities to draw an additional SDR 36.2 million (about US$56.1 million), bringing total disbursements under the arrangements to SDR 144.8 million (about US$224.3 million),” the press release says.
The three-year SDR 266.8 million (about US$413.4 million) EFF and ECF arrangement with Armenia was approved by the IMF’s Executive Board on June 28, 2010.
“The Armenian authorities should be commended for continued implementation of sound policies under the Fund-supported program, which have helped underpin the moderation of inflation this year and the continuing post-crisis recovery,” the IMF press office quoted Nemat Shafik, Deputy Managing Director, as saying. “Fiscal policies have been prudent, with the budget deficit reduced significantly again in 2011, and further consolidation planned for 2012 and beyond. This should help ensure fiscal and debt sustainability and reduce vulnerabilities. The 2012 tax package is welcome, as it will ease the adjustment burden on spending. Further measures are expected in the forthcoming tax strategy paper.”
The new ECF/EFF program will help Armenia withstand mid-term challenge, contributing to recovery of the economy, strengthening payment balance and ensuring sustainable poverty reduction process. -0--

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