Armenia and IMF discuss draft memorandum on economic and financial policies

YEREVAN, April 11. /ARKA/. Armenian Finance Minister Vahe Hovhannisyan discussed several issues related to the draft Memorandum "On Economic and Financial Policies" with a delegation led by Iva Petrova, head of the IMF mission in Armenia, the press service of the Ministry of Finance reported.

Hovhannisyan presented the Ministry's views and proposals regarding the draft memorandum to his colleagues.

During the meeting, held within the framework of the fifth review of the SBA (Stand-By Arrangement) loan agreement, the Minister also addressed the implementation details of structural benchmarks under the program, which is being carried out with the support of the IMF.

Both sides emphasized the importance of the program in advancing monetary and structural reforms, commending the consistency of bilateral cooperation and reaffirming their commitment to ensuring the program’s continued effective implementation.

In December 2024, the IMF provided Armenia with access to $24.1 million under the SBA agreement. As a result, total access under the arrangement amounts to approximately $120.59 million (SDR 92 million). According to the IMF, the Armenian authorities continue to treat the arrangement as a precautionary measure.

About the SBA Agreement

On December 12, 2022, the IMF Executive Board approved a 36-month precautionary SBA program for Armenia, aimed at supporting the government's efforts to maintain macroeconomic, financial, and fiscal stability, while advancing the country’s domestic economic agenda.

Stand-By Arrangements (SBAs) guarantee that a country may access foreign currency up to the agreed limit at any time during the term of the agreement, provided it meets the program’s conditions. In practice, the total allocated amount often exceeds the actual funds used. Upon the conclusion of the agreement, any unused portion of the loan is returned to the Fund.