2024-10-01 15:59:25
The Executive Board of the International Monetary Fund completed the second regular review of the performance of the Republic of Armenia within the framework of the Stand-By Arrangement (SBA). It should be noted that the three-year program of 180 million special borrowing rights (SRB) in the amount of about 248 million USD was approved in 2019. in May.
Accordingly, the Fund’s executive board approved the request to increase the funds of the project in the amount of the RA quota (128.8 million PHI or about 175 million US dollars) in the Fund. As a result, borrowed funds in the amount of 205.94 million PHI (about 280 million USD) are immediately available for the Republic of Armenia.
The involvement of borrowed funds will enable the RA government to finance the measures aimed at mitigating the socio-economic consequences of the spread of the new coronavirus pandemic.
The executive board of the fund reaffirmed the effectiveness of the RA authorities’ activities in anti-crisis management.
“2019 after a high performance, Armenia’s economy was hit hard by the COVID-19 pandemic. The government proactively responded to the crisis by adopting comprehensive containment measures, while supporting companies and vulnerable individuals in the most affected sectors,” said Tao Zhang, the Fund’s Managing Director and Deputy Chairman.
It was also noted that the implementation of the authorities’ reform agenda will strengthen sustainable and inclusive growth. It includes defining a comprehensive anti-corruption program, improving the business environment and supporting small and medium enterprises, and strengthening the health and education sectors.