Armenia receives first EFF tranche of $18.2mln from IMF

Armenia receives first EFF tranche of $18.2mln from IMF

YEREVAN, March 25. /ARKA/. Armenia has already received the first tranche worth $18.2 million (11.74mln SDR) under the Extended Fund Facility from IMF, head of IMF Staff Mission to Armenia Mark Horton said.

IMF’s executive board approved the agreement with Armenia for 82.21 million SDR ($127.6mln or 89.4% of Armenia’s quota) under the 38-month EFF program on March 7.

The head of the mission said the amount will be allocated in seven equal tranches and regular performance check-ups will be carried out once every half a year. The next tranche is expected in November-December.

The overall amount will be provided to the Central Bank of Armenia, Horton told ARKA.

According to the regulator, Armenia’s gross international reserves rose by 19.5% to $2,113.5 million in January 2014, compared to January the year before.

According to Horton, the program will help Armenia’s authorities create a stability reserve as the country will continue facing challenges like trade imbalance, high dollarisation, high unemployment rate and other factors. –0-

11:35 25.03.2014

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