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ARMENIA MAY RECEIVE $56 MLN FROM IMF IN MAY
Interfax
March 28 2012
Russia
Armenia may receive another, fifth tranche totaling $56 million (36.2
million SDR) from the International Monetary Fund in late May as part
of an EFF/ECF program, IMF Mission in Armenia Head Mark Horton said
at a press conference in Yerevan Tuesday.
Around $30 million of the tranche will be allocated to the Central
Bank of Armenia to replenish foreign currency reserves and the rest
will go to the Finance Ministry for budget requirements, he said.
The IMF Mission completed a fourth review within the framework of
the EFF/ECF (Extended Fund Facility - Extended Credit Facility) and
monitored the Armenian economy during a visit to Yerevan in March
14-27. The IMF Executive Board will in May consider the results of
the monitoring and decide on the allocation of another tranche to
Armenia. With this tranche the total amount of payments will be 181
million SDR, or $279 million.
Overall macroeconomic indicators continue to improve in Armenia,
Horton said.
GDP climbed 4.4% in 2011, largely due to the development of industry
and the services sector. Inflation slowed and was under 4% year-on-year
in February. The situation with tax and the budget improved. The
current account deficit remains relatively high and the vulnerability
of the Armenian economy is also high.
The 3-year IMF EFF/ECF program for Armenia, totaling 266.8 million SDR,
or around 290% of Armenia's quota in the IMF was approved by the IMF
Executive Board on June 28 2010. At the time the IMF allocated the
first tranche of 36.2 million SDR.
Interfax
March 28 2012
Russia
Armenia may receive another, fifth tranche totaling $56 million (36.2
million SDR) from the International Monetary Fund in late May as part
of an EFF/ECF program, IMF Mission in Armenia Head Mark Horton said
at a press conference in Yerevan Tuesday.
Around $30 million of the tranche will be allocated to the Central
Bank of Armenia to replenish foreign currency reserves and the rest
will go to the Finance Ministry for budget requirements, he said.
The IMF Mission completed a fourth review within the framework of
the EFF/ECF (Extended Fund Facility - Extended Credit Facility) and
monitored the Armenian economy during a visit to Yerevan in March
14-27. The IMF Executive Board will in May consider the results of
the monitoring and decide on the allocation of another tranche to
Armenia. With this tranche the total amount of payments will be 181
million SDR, or $279 million.
Overall macroeconomic indicators continue to improve in Armenia,
Horton said.
GDP climbed 4.4% in 2011, largely due to the development of industry
and the services sector. Inflation slowed and was under 4% year-on-year
in February. The situation with tax and the budget improved. The
current account deficit remains relatively high and the vulnerability
of the Armenian economy is also high.
The 3-year IMF EFF/ECF program for Armenia, totaling 266.8 million SDR,
or around 290% of Armenia's quota in the IMF was approved by the IMF
Executive Board on June 28 2010. At the time the IMF allocated the
first tranche of 36.2 million SDR.