YEREVAN, May 10. /ARKA/. Armenian Deputy Prime Minister Mher Grigoryan received today International Monetary Fund (IMF) Deputy Director for the Middle East and Central Asia region Thanos Arvanitis.
The interlocutors discussed the government’s fiscal policy, focusing on the partnership between the state and private sector, management of public investments, increasing the efficiency of the budgetary processes.
On December 15, 2023, the IMF Executive Board completed the second review under the Stand-By Arrangement (SBA) with Armenia, which gave the country access to about $24.4 million (SDR 18.4 million), bringing the total access to about $73.3 million (SDR 55.2 million).
Following the IMF team’s visit to Armenia on September 26-October 6, 2022, a staff-level Stand-By Arrangement Agreement of SDR 128.8 million (about $165.6 million) was reached with the authorities to support the government’s economic program to maintain macroeconomic, fiscal, and financial stability and advance reforms to ensure inclusive growth.
Stand-by Arrangements imply that a country receives a guarantee that it can automatically receive foreign exchange up to the agreed amount at any time during the term of the agreement, provided that the terms of the agreement are met. Practice shows that the amount of funds disbursed under such agreements usually exceeds the amount actually utilized. At the end of the agreement, the credit amount not utilized by the country is returned to the Fund. -0-
