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IMF TO GIVE ARMENIA SECOND EFF TRANCHE FOR $17 MLN
Interfax, Russia
Jan 12 2015
The Executive Board of the International Monetary Fund (IMF)
completed the first review of Armenia's economic performance under
the three-year Extended Fund Facility (EFF) program on December 22,
2014, and the IMF will give Armenia 11.74 million SDR, or around $17
million, according to an IMF statement.
"After a steady recovery during 2010-12 from the deep 2009 recession,
Armenia's growth softened in 2013 and has remained subdued in 2014.
The softening of economic activity has been broad based, as growth of
exports and remittances slowed, and government spending was lower than
budgeted. Construction, which had declined since the 2009 crisis,
was relatively flat. Growth is projected at 2.6% in 2014 and is
expected to increase only gradually in 2015 and over the medium term
in light of expectations of slow growth in key trading partners,"
the statement says.
The extended arrangement for 82.21 million SDR, or about $119.1
million, was approved on March 7, 2014. Armenia will receive the
loan in seven equal tranches and the program will be tracked every
six months. It was previously reported that Armenia might receive
the second tranche in early December 2014.
From: Baghdasarian
Interfax, Russia
Jan 12 2015
The Executive Board of the International Monetary Fund (IMF)
completed the first review of Armenia's economic performance under
the three-year Extended Fund Facility (EFF) program on December 22,
2014, and the IMF will give Armenia 11.74 million SDR, or around $17
million, according to an IMF statement.
"After a steady recovery during 2010-12 from the deep 2009 recession,
Armenia's growth softened in 2013 and has remained subdued in 2014.
The softening of economic activity has been broad based, as growth of
exports and remittances slowed, and government spending was lower than
budgeted. Construction, which had declined since the 2009 crisis,
was relatively flat. Growth is projected at 2.6% in 2014 and is
expected to increase only gradually in 2015 and over the medium term
in light of expectations of slow growth in key trading partners,"
the statement says.
The extended arrangement for 82.21 million SDR, or about $119.1
million, was approved on March 7, 2014. Armenia will receive the
loan in seven equal tranches and the program will be tracked every
six months. It was previously reported that Armenia might receive
the second tranche in early December 2014.
From: Baghdasarian