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IMF OKAYS EXTENDING ARMENIA FINAL TRANCHE IN EFF/ECF PROGRAM
Interfax, Russia
July 2, 2013 Tuesday 4:33 PM MSK
The executive council at the International Monetary Fund (IMF) approved
at a July 1 meeting extending Armenia the seventh and last tranche of
$84 million, or 55 million SDR, under the EFF (Extended Fund Facility)
and ECF (Extended Credit Facility) program.
The IMF has completed the sixth and final review of how Armenia
is fulfilling the EFF/EFC program. With the seventh tranche, total
Armenian borrowing under the agreement amounts to 266.8 million SDR,
or $407.2 million.
The three-year Extended Fund Facility/Extended Credit Facility
(EFF/ECF) program for Armenia was confirmed by the council on June
28, 2010, when the first tranche of 36 million SDR, or around $53.6
million, was extended.
Among the positive program outcomes the IMF sees a reduced budget
deficit, reined-in inflation, increased tax collections, and the
restoration of financial stability. Fund specialists recommend that
the Armenian authorities reduce the country's poverty level, improve
its business climate, and increase exports.
The IMF projects a slowing of real GDP growth in Armenia from the
actual 7.2% in 2012 to 4.3% in 2013 and 4.1% in 2014. Inflation in the
country, the IMF forecasts, will be 4.2% this year and 4% next year,
versus 3.2% in 2012.
Cf of
Interfax, Russia
July 2, 2013 Tuesday 4:33 PM MSK
The executive council at the International Monetary Fund (IMF) approved
at a July 1 meeting extending Armenia the seventh and last tranche of
$84 million, or 55 million SDR, under the EFF (Extended Fund Facility)
and ECF (Extended Credit Facility) program.
The IMF has completed the sixth and final review of how Armenia
is fulfilling the EFF/EFC program. With the seventh tranche, total
Armenian borrowing under the agreement amounts to 266.8 million SDR,
or $407.2 million.
The three-year Extended Fund Facility/Extended Credit Facility
(EFF/ECF) program for Armenia was confirmed by the council on June
28, 2010, when the first tranche of 36 million SDR, or around $53.6
million, was extended.
Among the positive program outcomes the IMF sees a reduced budget
deficit, reined-in inflation, increased tax collections, and the
restoration of financial stability. Fund specialists recommend that
the Armenian authorities reduce the country's poverty level, improve
its business climate, and increase exports.
The IMF projects a slowing of real GDP growth in Armenia from the
actual 7.2% in 2012 to 4.3% in 2013 and 4.1% in 2014. Inflation in the
country, the IMF forecasts, will be 4.2% this year and 4% next year,
versus 3.2% in 2012.
Cf of