Armenian government approves IMF $42 million loan

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Economy

25.10.2012, 17:17

The Armenian government on Thursday approved an additional IMF loan to Armenia in the amount of 27 million SDR (about $ 42 million) under the Extended Credit Facility.

Armenian government approves IMF $42 million loan

YEREVAN, October 25. / ARKA /. The Armenian government on Thursday approved an additional IMF loan to Armenia in the amount of 27 million SDR (about $ 42 million) under the Extended Credit Facility. The interest-free credit is granted for 10 years with a grace period of 5.5 years. The funds will be channeled to cover the deficit of the state budget in 2012. The amount is about 10% of all funds attracted from external sources to cover the gap.

As part of the Extended Credit Facility in 2010-2011, the IMF has provided Armenia with 74.8 million SDR ($115,3 million) for budget support.

According to the Armenian Ministry of Finance, the budget deficit in January-August 2012 amounted to 1.2 billion drams. The revenues collected in the eight months totaled 587.9 billion drams and expenses -589.1 billion drams.

The 2012 budget calls for 911.6 billion drams in revenues and 1044.1 trillion drams in spending. Thedeficitisprojectedat 132.5 billiondrams. ($ 1-405,92 drams).-0-

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