The IMF Executive Council has approved of a credit of SDR 23 million (some $35 million) to Armenia, reported Regnum news agency. The credit will be provided by 7 tranches in 2006-2008, the first one making SDR 3.28 million (some $5 million) will be provided upon the approval of the PRGF new program. In the future the IMF will make a decision on provision of the following tranches based on the course of economic reforms. The program will focus on assisting the Armenian Government in tax, customs and financial reforms, as well as providing for a macroeconomic stability, development of the private sector and stabilization of prices.