IMF allocates $ 60 million to Armenia in the frames of anti-crisis credit program

PanARMENIAN.Net - International Monetary Fund (IMF) has finished second monitoring of anti-crisis support program implemented by Armenia due to its credit support. Decisions adopted by directors' board, provide Yerevan's access to tranche in the amount of $60. The total sum allocated to Armenia will thus comprise $ 479 million, ITAR-TASS reports, quoting the Fund's release.



IMF deputy chief Takatosi Kato announced in a recent discussion that "The global crisis has continued to have a serious impact on the Armenian economy," and its short-term outlook "remains challenging". "As external conditions improve, growth is expected to resume gradually in 2010, although risks remain, including a slower recovery of the global economy," he said, adding that "Continued reforms, particularly in the areas of tax policy and tax reform administration, the financial sector, and the business environment will be necessary to boost the medium-term growth potential of the economy."