IMF TO PROVIDE ARMENIA FIFTH TRANCHE OF $5.2 MLN UNDER PRGF

Russia & CIS Business and Financial Newswire
November 28, 2007 Wednesday 10:30 AM MSK

The International Monetary Fund has decided to release the fifth
tranche of a poverty reduction and growth facility (PRGF) worth
$5.2 million (3.28 million SDR), the IMF office in Yerevan said in
a press release.

The decision was made following completion of a fifth report on the
PRGF program. The IMF directors also agreed to a request by Armenia
to change one of the technical criteria related to the process of
tax declarations.

The IMF provides PRGF loans to countries with low income levels.

The loans are designed to achieve economic growth and reduce poverty
by stimulating economic stability and through structural and social
reforms. The loans are provided for 10 years at 0.5% annually with
a grace period of five and a half years.

The fourth tranche of $5 million was released in May.

The PRGF for 2006-2008 is worth $34 million. The IMF has provided
$31.4 million under the program so far.

Armenia had liabilities to the IMF totaling 103.52 million SDR as of
July 31.

From: Emil Lazarian | Ararat NewsPress