IMF Completes First Review Under PRGF for the Republic of Armenia and Approves US$4.7 Million Disbursement
November 14, 2005
International Monetary Fund
Press Release No. 05/252
The Executive Board of the International Monetary Fund (IMF) today completed the first review of the Republic of Armenia's economic performance under a three-year Poverty Reduction and Growth Facility (PRGF) arrangement. The completion of the review enables Armenia to draw an amount equivalent to SDR 3.28 million (about US$4.7 million), which will bring total disbursement under the arrangement to SDR 6.56 million (about US$9.4 million).
The Executive Board approved the three-year arrangement on May 25, 2005, (see Press Release No. 05/123) for a total amount equivalent to SDR 23 million (about US$32.8 million) to support the government's economic program through 2008.
[...] AgustÃn Carstens, Deputy Managing Director and Acting Chair, said:
"Armenia's economy continues to perform strongly. Prudent fiscal and monetary policies, strong external inflows, and ongoing structural reforms have contributed to double-digit growth, low inflation, and declining poverty in 2005. The outlook is for continued robust growth in 2006, underpinned by buoyant investment and remittance inflows.
[...]
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
International Monetary Fund
Press Release No. 05/252
The Executive Board of the International Monetary Fund (IMF) today completed the first review of the Republic of Armenia's economic performance under a three-year Poverty Reduction and Growth Facility (PRGF) arrangement. The completion of the review enables Armenia to draw an amount equivalent to SDR 3.28 million (about US$4.7 million), which will bring total disbursement under the arrangement to SDR 6.56 million (about US$9.4 million).
The Executive Board approved the three-year arrangement on May 25, 2005, (see Press Release No. 05/123) for a total amount equivalent to SDR 23 million (about US$32.8 million) to support the government's economic program through 2008.
[...] AgustÃn Carstens, Deputy Managing Director and Acting Chair, said:
"Armenia's economy continues to perform strongly. Prudent fiscal and monetary policies, strong external inflows, and ongoing structural reforms have contributed to double-digit growth, low inflation, and declining poverty in 2005. The outlook is for continued robust growth in 2006, underpinned by buoyant investment and remittance inflows.
[...]
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
posted by Vahe Balabanian at 7:16 AM
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