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IMF PRESS STATEMENT
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[02:45 pm] 03 March, 2009
Mr. Dominique Strauss-Kahn, Managing Director of the International
Monetary Fund (IMF), issued the following statement on Armenia today:
"After many years of strong economic performance, Armenia has been
adversely affected by the global economic and financial crisis. In
response, the Armenian authorities have put together a strong and
credible economic program to address the deterioration in Armenia's
external outlook, restore confidence in the currency and financial
system, and protect the poor.
I will therefore recommend that the IMF Executive Board approve
a request for a US$540 million, 28-month Stand-By Arrangement. The
Executive Board is expected to meet to discuss the program later this
week. Armenia would be able to draw about US$239 million immediately
after Board approval.
The comprehensive policy package developed by the Armenian authorities
in consultation with IMF staff includes the return to a floating
exchange rate regime (allowing the exchange rate to move in line with
market fundamentals, so as to cushion the economy from the external
shocks and safeguard foreign exchange reserves) with supporting
monetary, fiscal and financial sector policies, and well-targeted
structural reforms. The authorities are also taking measures to help
offset the economic downturn and mitigate the impact of the economic
crisis on the poor.
The strong measures that the authorities are taking justify the
exceptional level of access to Fund resources (equivalent to
400 percent of Armenia's quota) and deserve the support of the
international community," Mr. Strauss-Kahn said.
A1+
[02:45 pm] 03 March, 2009
Mr. Dominique Strauss-Kahn, Managing Director of the International
Monetary Fund (IMF), issued the following statement on Armenia today:
"After many years of strong economic performance, Armenia has been
adversely affected by the global economic and financial crisis. In
response, the Armenian authorities have put together a strong and
credible economic program to address the deterioration in Armenia's
external outlook, restore confidence in the currency and financial
system, and protect the poor.
I will therefore recommend that the IMF Executive Board approve
a request for a US$540 million, 28-month Stand-By Arrangement. The
Executive Board is expected to meet to discuss the program later this
week. Armenia would be able to draw about US$239 million immediately
after Board approval.
The comprehensive policy package developed by the Armenian authorities
in consultation with IMF staff includes the return to a floating
exchange rate regime (allowing the exchange rate to move in line with
market fundamentals, so as to cushion the economy from the external
shocks and safeguard foreign exchange reserves) with supporting
monetary, fiscal and financial sector policies, and well-targeted
structural reforms. The authorities are also taking measures to help
offset the economic downturn and mitigate the impact of the economic
crisis on the poor.
The strong measures that the authorities are taking justify the
exceptional level of access to Fund resources (equivalent to
400 percent of Armenia's quota) and deserve the support of the
international community," Mr. Strauss-Kahn said.