IMF to Release Another $13 Million to Armenia

Nov. 4, 2004


YEREVAN, NOVEMBER 4, ARMENPRESS: The International Monetary Fund
(IMF) office in Yerevan said today the Fund’s Executive Board is going
to approve in early December the release of $13 million to Armenian
Central Bank as the last tranche of an $87 million credit, which is
part of the Poverty Reduction and Growth Facility (PRGF) Program.
The IMF Resident Representative James McHugh told a news conference
the money would arrive in Armenia in a couple of days after the
Executive Board approves the release. He said the money will be
directed to maintain the sufficient level of forex reserves.
McHugh said the Armenian government and the Fund are working now on
prospects for implementation of new joint projects, expressing also
hopes that the relevant talks will start in 2005 January or February.
He said it was so far difficult to define the direction of new
projects, but added that they would most likely apply to tax reforms
and administration improvement.