IMF TO ALLOCATE $540 MILLION FOR ARMENIA TO STABILIZE PAYMENT BALANCE
ARKA
March 3, 2009
YEREVAN
The International Monetary Fund (IMF) plans to earmark $540mln to help
Armenia stabilize its payment balance, IMF Permanent Representative
in Armenia Ninke Oomes reported.
The annual interest rate of the five-year loan is 1.54%. The credit
funds will be sent to the Central Bank of Armenia (CBA) and will help
replenish the country’s foreign-currency reserves, Oomes said.
IMF Managing Director Dominique Strauss-Kahn today urged the fund’s
Executive Board to approve a 28-month $540mln stand-by arrangement
for Armenia.
According to Oomes, the application will probably be approved on
March 6 and the fund will start earmarking the funds. The first
$240mln will be paid flat next week.
The funds are enough to boost Armenia’s payment balance, Oomes said,
citing IMF experts’ forecasts.
With $525mln worth WB assistance and $500mln Russian loan, Armenia
will get a strong financial support, the IMF permanent representative
concluded.
Disclaimer: This article was contributed and translated into English by Vorskanian Yeghisabet. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2009/03/03/imf-to-allocate-540-million-for-armenia-to-stabilize-payment-balanc/