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IMF Board endorses issuance of loan tranche to Armenia

December 11, 2012, 3:34 UTC+3
All in all, Armenia will get access to $ 408.7 million within its framework
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WASHINGTON, December 11 (Itar-Tass) – Board of Governors of the International Monetary Fund on Monday endorsed the allocation of a regular tranche of $51.43 million to Armenia, the press service of the IMF said.

The report said the decision to issue the loan was taken upon the results of a new – fifth in succession – scrutiny of the Armenian authorities’ compliance with the IMF’s three-year fund facility program launched June 28, 2010.

All in all, Armenia will get access to $ 408.7 million within its framework. With account of the current tranche, it has already received $ 324.4 million of that amount.

In addition, the Board of Governors held the traditional annual bilateral consultations with Armenia under the provision of Article 4 of the IMF’s Charter.

Deputy Managing Director Nemat Shafik said in a comment on the discussion that Armenia continues re-emerging from a deep slide, which it lived through in 2008 and 2009 in the context of a global financial slump.

The growth of Armenia’s economy picked pace in 2012 and experts believe that the country will display its potential in full in 2013, she said.

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