Tweet
IMF: IMF EXECUTIVE BOARD COMPLETES SECOND REVIEW UNDER ARMENIA'S PRGF ARRANGEMENT AND APPROVES US$4.9 MILLION DISBURSEMENT
International Monetary Fund (IMF)
http://www.imf.org/
May 19 2006
The Executive Board of the International Monetary Fund (IMF) yesterday
completed the second review under the Poverty Reduction and
Growth Facility (PRGF) arrangement for Armenia (see Press Release
No. 05/123). The completion of the review, which was undertaken on
a lapse of time basis,1 enables the release of a further SDR 3.28
million (about US$4.9 million) under the arrangement. This will bring
the total amount drawn under the arrangement to SDR 9.84 million
(about US$14.7 million).
The PRGF is the IMF's concessional facility for low-income countries.
PRGF-supported programs are based on country-owned poverty reduction
strategies adopted in a participatory process involving civil
society and development partners and articulated in the country's
Poverty Reduction Strategy Paper. This is intended to ensure that
PRGF-supported programs are consistent with a comprehensive framework
for macroeconomic, structural, and social policies to foster growth
and reduce poverty. PRGF loans carry an annual interest rate of 0.5
percent and are repayable over 10 years with a 5½ -year grace period
on principal payments.
1 The Executive Board takes decisions under its lapse of time procedure
when it is agreed by the Board that a proposal can be considered
without convening formal discussions.
--Boundary_(ID_Eo30cqPzdaC0u04f1KfHO w)--
International Monetary Fund (IMF)
http://www.imf.org/
May 19 2006
The Executive Board of the International Monetary Fund (IMF) yesterday
completed the second review under the Poverty Reduction and
Growth Facility (PRGF) arrangement for Armenia (see Press Release
No. 05/123). The completion of the review, which was undertaken on
a lapse of time basis,1 enables the release of a further SDR 3.28
million (about US$4.9 million) under the arrangement. This will bring
the total amount drawn under the arrangement to SDR 9.84 million
(about US$14.7 million).
The PRGF is the IMF's concessional facility for low-income countries.
PRGF-supported programs are based on country-owned poverty reduction
strategies adopted in a participatory process involving civil
society and development partners and articulated in the country's
Poverty Reduction Strategy Paper. This is intended to ensure that
PRGF-supported programs are consistent with a comprehensive framework
for macroeconomic, structural, and social policies to foster growth
and reduce poverty. PRGF loans carry an annual interest rate of 0.5
percent and are repayable over 10 years with a 5½ -year grace period
on principal payments.
1 The Executive Board takes decisions under its lapse of time procedure
when it is agreed by the Board that a proposal can be considered
without convening formal discussions.
--Boundary_(ID_Eo30cqPzdaC0u04f1KfHO w)--