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IMF Boosts Armenia Loan To $823M To Meet Financing Needs

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  • IMF Boosts Armenia Loan To $823M To Meet Financing Needs

    IMF BOOSTS ARMENIA LOAN TO $823M TO MEET FINANCING NEEDS

    Wall Street Journal
    http://online.wsj.com/article/BT-CO-200906 22-714724.html
    June 22 2009

    WASHINGTON (Dow Jones)--The International Monetary Fund's executive
    board Monday approved increasing the loan to Armenia to $823 million
    to help the country meet increasing external financing needs.

    The 28-month standby facility was expanded from the $540 million
    agreement Armenia obtained in March to cope with the global economic
    crisis. The board also approved the immediate disbursement of $158
    million, bringing the total amount released to about $400 million.

    As part of the revised program, Armenian policy makers agreed to ease
    monetary and fiscal policy to help spur demand.

    "The additional financial assistance from the Fund will help cover
    Armenia's growing financing needs, while the recalibration of the
    authorities' economic program will help them better respond to the
    deepening downturn," said Murilo Portugal, deputy managing director
    of the IMF and acting board chairman.

    "The program envisages an easing of monetary and fiscal policy to
    mitigate the severity of the crisis, while laying the ground for future
    fiscal consolidation primarily through one-off investment expenditures
    and measures to strengthen tax policy and administration," he said
    in a statement.

    -By Tom Barkley, Dow Jones Newswires; 202-862-9275;
    [email protected]

    From: Emil Lazarian | Ararat NewsPress
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