Armenian government approves 202.4sdr credit agreement with IMF

Armenian government approves 202.4sdr credit agreement with IMF
ARKA, 26.06.2009

At its sitting in Kapan, Armenia, the RA Government has approved a proposal for the signing, through an exchange of letters, of a 202.4mln SDR credit agreement with the International Monetary Fund.

The Ra Government’s press service reports that the Government made the decision to execute the previous credit agreements with the IMF aimed at financing the Armenian state budgets in 2009-2010.

On June 23, the IMF Executive Board completed the first review of Armenia’s economic performance under a Stand-By Arrangement (SBA) and approved an increase in the IMF’s financial support to an amount equivalent to SDR 533.6 million (about US$822.7 million; or 580 percent of Armenia’s quota).

These decisions enable the immediate release of SDR 102.7 million (about US$158.3 million), bringing the total disbursed to SDR 264.2 million (about US$400 million). –0--