IMF to grant Armenia $42 mln in soft loan to trim deficit

24.10.2012 11:49
IMF to grant Armenia $42 mln in soft loan to trim deficit

YEREVAN, October 24. /ARKA/. The International Monetary Fund (IMF) will allocate 27mln SDR (about 42mln USD) additional funds to Armenia in the framework of Extended Credit Facility (ECF). The issue is scheduled for discussion at the next government sitting Thursday.

The interest-free loan is granted for 10 years, including a 5.5-year grace period.

The funds will be used to cover the deficit of Armenian government 2012 budget, and they are only 10% of what is received from external sources to trim the deficit
Under the ECF program, Armenia received 74.8mln SDR ($115.3mln) from the IMF in 2010-2011 to support the budget.

On June 28, 2010, the IMF Executive Board approved 3-year-long programs - Extended Fund Facility (EFF) and Extended Credit Facility (ECF) for a total of 266.8mln SDR ($403.8mln).
According to Armenian Ministry of Finance, the government budget deficit was 1.2 bln drams in January-August 2012. Government budget revenues totaled 587.9bln drams in the first eight months of 2012; on-budget expenditures were 589.1 bln drams.

Under the budget adopted by the country’s parliament on December 8, 2011, the revenues were 911.6 bln drams, expenditures 1,044.1bln drams and deficit 132.5 bln drams. –0--


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