{"id":121231,"date":"2019-05-20T14:14:36","date_gmt":"2019-05-20T14:14:36","guid":{"rendered":"https:\/\/armbanks.am\/2019\/05\/20\/248504\/"},"modified":"2024-12-15T13:37:41","modified_gmt":"2024-12-15T13:37:41","slug":"imf-executive-board-approves-us248-2-million-stand-by-arrangement-for-armenia","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2019\/05\/20\/121231\/","title":{"rendered":"IMF executive board approves US$248.2 million stand-by arrangement for Armenia"},"content":{"rendered":"\n

YEREVAN, May 20. \/ARKA\/. <\/strong>The IMF approved a 36-month Stand-By Arrangement (SBA) for Armenia amounting to about US$248.2 million, Armenian Central bank reported. 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, IMF said in a press release. <\/p>\n\n\n\n

It said the SBA will support the authorities\u2019 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.<\/p>\n\n\n\n

The authorities are committed to a sustainable fiscal path, supported by the fiscal rule, while creating space for critical spending in enhancing infrastructure and social spending.<\/p>\n\n\n\n

The Executive Board of the International Monetary Fund (IMF) today 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\u2019s quota in the IMF).<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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\u2019 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.
\nFollowing the Executive Board discussion, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chairman, issued the following statement:<\/p>\n\n\n\n

\u201cArmenia has continued to make progress in recent years in maintaining macroeconomic and financial stability and in implementing structural reforms to promote growth. Economic activity has strengthened, and public debt has started to decline. Inflation is under control, the financial system remains stable, and international reserves are assessed to be adequate. Nonetheless, continuing reform efforts are needed to support a more balanced and inclusive growth, by reducing imbalances, improving the business climate and strengthening governance, and advancing measures to reduce poverty and unemployment.<\/p>\n\n\n\n

\u201cThe three-year Stand-By Arrangement will support the authorities\u2019 objective of moving toward a more dynamic, sustainable, and inclusive economy. The precautionary nature of the arrangement will provide insurance against external shocks. The authorities are committed to a sustainable fiscal path, supported by the fiscal rule, while creating space for critical spending in enhancing infrastructure and social spending. These objectives need to be accompanied by measures to improve tax administration and modernize property taxation.<\/p>\n\n\n\n

\u201cFurther strengthening of the monetary policy framework will improve the effectiveness of monetary policy and help bring inflation back to its medium-term target. Measures will also be taken to safeguard the financial system, further develop capital markets, and improve access to finance.
\n\u201cThe decisive implementation of a strong package of structural reforms will help foster sustainable and inclusive growth through measures that promote private sector development, attract more FDI, and increase diversification. Steps to enhance human capital and increase female labor force participation will also be helpful.\u201d -0-<\/p>\n","protected":false},"excerpt":{"rendered":"

\ufeffThe IMF approved a 36-month Stand-By Arrangement (SBA) for Armenia amounting to about US$248.2 million, Armenian Central bank reported. 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, IMF said in a press release<\/p>\n","protected":false},"author":1,"featured_media":157305,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,9216],"tags":[15837,15917,310],"class_list":{"0":"post-121231","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-en","8":"category-news","9":"tag-armenia-2","10":"tag-imf-2","11":"tag-310"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/121231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=121231"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/121231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/157305"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=121231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=121231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=121231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}