IMF APPROVES IN PRINCIPLE US $87 MILLION PRGF CREDIT TO ARMENIA

YEREVAN, May 23. /Mediamax/. The Executive Board of the International Monetary Fund (IMF) approved in principle a three-year loan of US $87 million to Armenia under the Poverty Reduction and Growth Facility program.
As Mediamax was informed today in the headquarters of the IMF, the final decision by the IMF Executive Board is pending discussion of Armenia’s Interim Poverty Reduction Strategy Paper by the World Bank Executive Board. The first disbursement of about US $13 million will become available when the final decision is made by the IMF Executive Board.
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–