YEREVAN, November 13. /ARKA/. An IMF team has reached a staff-level agreement with the Armenian authorities on the completion of the second review under a three-year Stand-By Agreement (SBA), as well as on a new, parallel program: the Resilience and Sustainability Facility (RSF).
“The agreement is subject to approval by the IMF Executive Board, which is scheduled for December 2026. Approval of the SBA review by the Executive Board will unlock access to an additional $25 million (18.4 million SDR), bringing the total amount of funds made available since the start of the SBA in December 2025 to approximately $75 million (55.2 million SDR). Approval of the RSF program by the Executive Board will provide access to up to 193.2 million SDR (approximately $262 million), contingent upon the successful completion of four reviews over the next two years,” the IMF press service stated, following a visit to Yerevan from September 16–29 by an IMF mission led by Alexander Tieman.
The SBA, which serves as a precautionary arrangement, supports the maintenance of macroeconomic stability and fosters sustainable, inclusive growth. Policy priorities include broadening the tax base, mitigating fiscal risks, enhancing the governance of the Central Bank of Armenia, and improving statistical reporting.
The RSF focuses on deep institutional reforms aimed at increasing resilience to climate change. The policy measures are aimed at improving disaster risk management, water resource management, and the shock-responsiveness of the social protection system, as well as enhancing energy security and improving climate-related data reporting.
About the Stand-By Arrangement (SBA)
On December 4, 2025, the IMF Executive Board approved a new 36-month Stand-By Arrangement (SBA) for Armenia, amounting to 128.8 million SDR (100% of Armenia’s IMF quota, or approximately $175 million). This arrangement will support the authorities in maintaining macroeconomic stability and advancing a structural reform agenda, while also providing a safeguard against uncertainty.
Following the approval, an amount equivalent to 18.4 million SDR (approximately $25 million) became immediately available to Armenia. The remaining balance will be made available in equal tranches, subject to six semi-annual reviews. The Armenian authorities have indicated that they intend to treat the arrangement as precautionary.
