Decision to redouble IMF loans not to have a direct impact on ArmeniaApril 28, 2009 - 21:01 AMT PanARMENIAN.Net - The IMF Executive Board agreed last week to redouble loan quotas provided to poor countries under the Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) programs, thus assisting low income countries which suffered great losses as a result of the global economic recession. In this connection, Ninke Omes, IMF permanent representative in Armenia, noted that such decision will not have direct impact on Armenia, as the country has signed a Stand-By Arrangement with IMF, and the above-mentioned decision does not apply to countries benefiting from IMF funding programs. Earlier, the IMF Executive Board approved Stand-By Arrangement envisaging a sum of SDR 368 million for Armenia (540 US Dollars). The sum will be allocated within a period of 28 months. The lump sum to be allocated under the program comprises SDR 161,5 million (about 237 million US Dollars). The remaining sum will be allocated in 9 branches, to be included in quarterly reports. The arrangement will provide exclusive access to IMF resources, making up 400% of quotas from Armenia. The resources are allocated for the term of 5 years, with a 3 years' grace period at an annual interest rate of 1,54 %. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. |