Announcement

Collapse
No announcement yet.

Armenia To Receive Third $17 Million Disbursement Of IMF In June

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Armenia To Receive Third $17 Million Disbursement Of IMF In June

    Armenia to receive third $17 million disbursement of IMF in June

    YEREVAN, April 8. / ARKA /. Speaking at a news conference today
    the chief of IMF Mission in Armenia, Mark Horton, said Armenia will
    receive the third disbursement of $17 million under IMF's Extended
    Fund Facility (EFF) program in June.

    The extended arrangement for SDR 82.21 million (about US$119.1 million)
    was approved on March 7, 2014. The money will be disbursed in seven
    tranches, Mr. Horton said.

    He said the first review of Armenia's economic performance under the
    three-year program was completed on December 22, 2014 enabling the
    release of SDR 11.74 million (about US$17 million), bringing total
    disbursements under the arrangement to SDR 23.48 million (about
    US$34 million).

    He said the IMF submitted to the Armenian government several proposals,
    the discussion of which will be completed within the next 2-3 weeks,
    and the results will be submitted to the IMF Board meeting in June.

    He said one of the proposals calls for increasing capital spending
    by 1% of GDP. According to him, the IMF does not fund capital
    expenditures, but nevertheless, the Armenian government is working
    with international financial institutions and other organizations in
    order to find the necessary funds.

    Mr. Horton also noted that some other proposals submitted to the
    government are about transport communications and renovation of
    Armenian schools buildings which do not meet seismic standards.

    Mr. Horton said if these projects are implemented successfully, the
    IMF can provide the Central Bank of Armenia this year with additional
    $35 million. -0-

    http://arka.am/en/news/economy/armenia_to_receive_third_17_million_disbursement_o f_imf_in_june_/#sthash.TWsUoYlv.dpuf

Working...
X