Armenia likely to get fresh tranche of international monetary fund
27.03.2012,
21:13
Armenia is likely to get a fresh tranche of the International Monetary Fund (IMF) in the amount of $56 million by the end of May, head of the Armenian IMF Mission Mark Horton said today at a press conference following the visit of the IMF mission to Armenia.
YEREVAN, March 27. /ARKA/. Armenia is likely to get a fresh tranche of the International Monetary Fund (IMF) in the amount of $56 million by the end of May, head of the Armenian IMF Mission Mark Horton said today at a press conference following the visit of the IMF mission to Armenia.
Funds will be provided on the basis of the fourth and final inspection of Extended Fund Facility and the Extended Fund Facility programs.
"During the visit we have reached certain agreements with the government of Armenia, which will be presented to the IMF Board. Normally this procedure takes about 2 months after the visit, so the decision will be made by the end of May," he said.
After disbursement of this tranche, IMF overall commitment to these programs will amount to 181 million SDR ($279 million).
Mr. Horton said that about half of $56 million will go to replenish the reserves of the Central Bank and the rest will be provided to the ministry of finance for budget financing.
Both programs will enable Armenia to overcome the medium-term challenges and help preserve economic recovery rate, strengthen the balance of payments and ensure ongoing poverty reduction process. -0-
