YEREVAN, February 7. / ARKA /. Implementation of a new $125 million IMF Extended Fund Facility (EFF) arrangement will allow Armenia to join the list of developing countries with an average income, finance minister David Sargsyan said today at a conference on Armenian capital market: opportunities and challenges in the resort town of Tsakhkadzor.
IMF said February 4 that it reached agreement with the Armenian authorities on their request for a 38-month Extended Fund Facility (EFF) arrangement, in support of the economic and financial program of the government and Central Bank of Armenia (CBA) for 2014–17.
The agreement also builds on the policy discussions that took place in Yerevan in September and December of last year.
Subject to IMF management approval, the staff-level agreement will be submitted to the Executive Board for its consideration in early March. Under the arrangement, Armenia would be able to access IMF credit of up to SDR 82.21 million (approximately US$125 million), subject to six semi-annual reviews.
The proposed arrangement follows the successful completion of a three-year program, supported by the IMF under the Extended Fund and Extended Credit Facility arrangements, which concluded in July 2013. SDR 266.80 million (approximately US$410 million) were disbursed under these two arrangements. -0-