IMF APPROVES US$87 MILLION CREDIT TO ARMENIA

YEREVAN, May 25. /Mediamax/. The International Monetary Fund (IMF) has given its final approval of the three-year loan of US$87 million for Armenia.
Mediamax was informed today in IMF external relations department that the credit’s aim is to support the government’s economic program. This final approval will make the first disbursement of US$13 million available immediately.
The IMF IMF external relations department noted that the approval by the IMF of the credit was contingent on a decision by the World Bank which concluded that the Interim Poverty Reduction Strategy Paper submitted by the Republic of Armenia provides a sound basis for World Bank concessional financial assistance.
The Republic of Armenia became a member of the IMF on May 28, 1992. Armenia’s quota is about US$116 million and its outstanding use of IMF credit currently totals US$168 million. –0–