IMF APPROVES 3RD TRANCHE OF PRGF LOAN FOR ARMENIA
Interfax News Agency
Russia & CIS Business and Financial Newswire
May 19, 2006 Friday
The executive board of the International Monetary Fund approved the
third tranche this week of a Poverty Reduction and Growth Facility
(PRGF) for Armenia worth 3.28 million SDR ($4.9 million), the IMF
representation in Yerevan said in a press release.
The IMF will have provided Armenia with 9.84 million SDR (about $14.7
million) under the PRGF program once it provides the second and third
tranches, the release says.
The IMF implements the PRGF program in low-income countries to
stimulate economic growth and reduce poverty. The loans are provided
for 10 years at an annual 0.5% with a grace period of five and a
half years.
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