Armenia to receive $170 million from IMF to replenish state budget

Armenia will receive a new loan from the International Monetary Fund (IMF) in the amount of 128.8 million SDR (about $171.1 million) to replenish its budget.

Report informs, citing the Armenian media, that, according to the decision of the government, funds will not be withdrawn immediately, but as needed, if economic shocks cause significant reduction in budget revenues.

The fund's specialists note that the Armenian government is strengthening measures to collect revenues and control the effectiveness of spending, and the central bank's monetary policy is aimed at curbing increased inflation.

It is noted that the funds (in the amount of almost 100% of Armenia's credit quota in the IMF) are issued for 36 months. The first tranche of 18.40 million SDRs (approximately $24.4 million) will become available immediately after signing, and access to the remaining tranches will open with the IMF monitoring, which will be carried out jointly with the country's authorities once every six months.