YEREVAN, July 2./ARKA/. The Executive Board of the International Monetary Fund (IMF) today completed the sixth and final review of Armenia’s economic performance under a program supported by Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, the organization reported on its website.
The completion of the review allows the authorities to draw an additional SDR 55 million (about US$84 million), bringing total disbursements under the arrangements to the full SDR 266.8 million (US$407.2 million) available.
EFF and ECF arrangements with Armenia were approved by the IMF’s Executive Board on June 28, 2010.
The program objectives are to restore fiscal and external sustainability, preserve financial stability, and support growth and poverty reduction.
Early last month, the IMF’s resident representative in Armenia Guillermo Tolosa said the International Monetary Fund may start considering allocation of new funds to Armenia after the IMF Board of Directors gathers to finalize the current program.
Tolosa refrained from mentioning the exact amount of the new program saying that the current one has not been completed yet.
The resident representative said the IMF wanted the new program to be the last one as after it Armenia would be able to create favourable conditions for foreign investors on its own.
The current IMF resident representative in Armenia is Teresa Daban Sanchez. —0-
