20/05/2019 16:32
IMF to provide 248.2 million USD loan to Armenia
The Executive Board of the International Monetary Fund (IMF) has approved a 36-month Stand-By Arrangement (SBA) for Armenia amounting to SDR 180 million (about US$248.2 million or about 139.75 percent of Armenia’s quota in the IMF).
Upon the Board's approval, an amount equivalent to SDR 25.714 million (about US$35.5 million) becomes immediately available to Armenia, and the remaining amount will be made available, subject to six semi-annual reviews.
The Armenian authorities have indicated that they will treat the arrangement as precautionary, and do not intend to draw on the new SBA unless shocks generate balance of payments needs. In addition to providing insurance against shocks, the arrangement will support the authorities’ efforts to strengthen the economic fundamentals and policy frameworks. It will also help effective implementation of structural reforms, particularly relating to governance and improving business climate.
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