IMF may start considering new program in Armenia in June
04.06.2013,
15:02
The International Monetary Fund may start considering allocation of new funds to Armenia in June, the IMF’s resident representative in Armenia Guillermo Tolosa said.
YEREVAN, June 4. /ARKA/. The International Monetary Fund may start considering allocation of new funds to Armenia in June, the IMF’s resident representative in Armenia Guillermo Tolosa said.
Tolosa refrained from mentioning the exact amount of the new program saying that the current one has not been completed yet.
The negotiations will start after the IMF Board of Directors gathers in June to finalize the current program, Tolosa told ARKA.
The resident representative said the IMF wanted the new program to be the last one as after it Armenia would be able to create favourable conditions for foreign investors on its own.
Under the three-year EFF and ECF arrangement approved by IMF Board on June 28 2010 Armenia received 266.8mln SDR.
According to official statistics, total foreign investments (excluding the ones through banks and state administration) amounted to $131 million in January-March, a reduction of 11.9% against the year before.
In commenting Armenia’s improvement of 18 points in Doing Business 2013 rating, the resident representative said the country needs a breakthrough to ensure the progress has a real impact over the economy. -0-
