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IMF Reduces Its Assistance To Armenia For The Next Three Years

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  • IMF Reduces Its Assistance To Armenia For The Next Three Years

    IMF REDUCES ITS ASSISTANCE TO ARMENIA FOR THE NEXT THREE YEARS

    ArmInfo
    2008-09-16 17:54:00

    ArmInfo. IMF will provide Armenia with $14mln-15mln in the framework
    of its new three-year PRGF program, IMF Mission Chief for Armenia
    Marta Castello-Branco said during a press-conference in Yerevan today.

    The new program was discussed with the Government of Armenia Sept
    3-16 2008.

    Castello-Branco hopes that it will be submitted for the consideration
    of the IMF Executive Board by the end of this year.

    The new assistance will be provided on preferential terms. The program
    will be monitored twice a year. PRGF is aimed at reducing poverty and
    completing reforms in the field of tax and customs administration. In
    the coming three years poverty rate in Armenia is supposed to be
    reduced from present 26.5% to 20%. Armenia will receive less money
    because it has risen from the group of countries with low incomes to
    the group of countries with medium incomes.

    The total cost of PRGF 2006-2008 was 23mln SDR ($37.3mln). The loans
    are provided to poor countries for 10 years at 0.5% a year with grace
    period of 5.5 years.
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