IMF APPROVES LAST TRANCHE OF LOAN TO ARMENIA

Xinhua General News Service, China
July 2, 2013 Tuesday 7:10 AM EST

WORLD NEWS; Economic
YEREVAN Armenia, July 2

The International Monetary Fund (IMF) has approved the last tranche
of loan worth 84 million U.S. dollars to Armenia.

The approval was posted on the IMF’s official website Monday after
the Washington-based global lender recently completed the sixth and
final review of Armenia’s economic performance under a support program.

Armenia registered an economic growth of 4.7 percent for the year
of 2011 and 7.2 percent in 2012. Its economy continues to be strong
in 2013.

The Central Bank of Armenia (CBA) permitted greater flexibility of
the dram, the Armenian currency, over the past year, rebuilt reserves
following sizeable intervention in May-June 2012, and strengthened
the monetary framework and operations.

At the same time, significant challenges and vulnerabilities remain.

Robust growth has resumed, but has reflected in part rapid growth
of credit and consumption, favorable weather and high metals prices,
the IMF said.

From: Emil Lazarian | Ararat NewsPress