YEREVAN, September 6. / ARKA /. Armenia’s finance minister David Sargsyan met September 5 with IMF mission chief for the Republic of Armenia, Mark Horton, to discuss the status of talks between the government of Armenia and IMF on a new cooperation program, the ministry said in a statement.
The ministry said the IMF is planning to launch a new program in Armenia, replicated from the Extended Credit Facility (ECF) arrangement. During the meeting, the minister and IMF officials discussed a set of questions regarding the macroeconomic climate and the financial sector, the ministry said.
On July 2 IMF Executive Board completed the sixth and final review of Armenia’s economic performance under a program supported by Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements.
The completion of the review allows the authorities to draw an additional SDR 55 million (about US$84 million), bringing total disbursements under the arrangements to the full SDR 266.8 million (US$407.2 million) available. The three-year EFF and ECF arrangements with Armenia were approved by the IMF’s Executive Board on June 28, 2010. The Board’s decision on the sixth review was taken on a lapse of time basis.
Earlier, IMF Resident Representative in Armenia Guillermo Tolosa, replaced June 4 by Teresa Daban Sanche , said the IMF may consider providing Armenia with new assistance after approval of the report on the execution of EFF / ECF. -0—