The Executive Board of the International Monetary Fund (IMF) completed the first review of Armenia’s economic performance under a Stand-By Arrangement (SBA) and approved an increase in the IMF’s financial support to an amount equivalent to SDR 533.6 million (about US$822.7 million; or 580 percent of Armenia’s quota). These decisions enable the immediate release of SDR 102.7 million (about US$158.3 million), bringing the total disbursed to SDR 264.2 million (about US$400 million). The Board also granted a waiver of performance criteria on net banking system credit to the government and the program’s fiscal balance.
The revised arrangement will support the government’s economic program amid a sharper-than-expected impact from the global financial crisis. The 28-month SBA (Stand-By Arrangement) was approved on March 6.
The key objectives of the program are to help Armenia adjust to the external shock, maintain confidence in the currency and the financial system, and protect the poor.
