IMF to extend USD 56 million disbursement to Armenia in economic reform program framework

PanARMENIAN.Net - International Monetary Fund will extend a disbursement of USD 56 million to Armenia, Guillermo Tolosa, IMF Resident Representative in Armenia stated.

“An International Monetary Fund (IMF) mission headed by Ms. Ratna Sahay, Deputy Director of the IMF’s Middle East and Central Asia Department, visited Yerevan from September 9−24, 2010. The team completed the 2010 Article IV Consultation discussions and reached a staff-level agreement with the authorities on their economic reform program under the First Review of the Extended Fund Facility (EFF)/Extended Credit Facility (ECF) Arrangements with the Republic of Armenia,” Tolosa told a news conference in Yerevan.

“The total financial commitment under this IMF-supported program amounts to USD410 million. The IMF’s Executive Board is expected to consider Armenia’s request for the completion of the first review and conclude the Article IV consultation in November 2010. Upon approval, a disbursement of USD 56 million would be made available to Armenia,” He pointed out.