IMF Executive Board Completes Fourth Review Under Armenia's PRGF Arrangement and Approves US$5 Million Disbursement
Thursday, May 17, 2007 - 02:30 AM
Harold Doan and Associates Ltd
IMF Executive Board Completes Fourth Review Under Armenia's PRGF Arrangement and Approves US$5 Million Disbursement
Press Release - International Monetary Fund
May 16, 2007
The Executive Board of the International Monetary Fund (IMF) has completed the fourth review under the Poverty Reduction and Growth Facility (PRGF) arrangement for Armenia. The completion of the review, which was undertaken on a lapse of time basis,1 enables the release of a further SDR 3.28 million (about US$5 million) under the arrangement. This will bring the total amount drawn under the arrangement to SDR 16.4 million (about US$24.9 million).
The PRGF is the IMF's concessional facility for low-income countries. PRGF-supported programs are based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners and articulated in the country's Poverty Reduction Strategy Paper. This is intended to ensure that PRGF-supported programs are consistent with a comprehensive framework for macroeconomic, structural, and social policies to foster growth and reduce poverty. PRGF loans carry an annual interest rate of 0.5 percent and are repayable over 10 years with a 5½ -year grace period on principal payments.
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.
Harold Doan and Associates Ltd
IMF Executive Board Completes Fourth Review Under Armenia's PRGF Arrangement and Approves US$5 Million Disbursement
Press Release - International Monetary Fund
May 16, 2007
The Executive Board of the International Monetary Fund (IMF) has completed the fourth review under the Poverty Reduction and Growth Facility (PRGF) arrangement for Armenia. The completion of the review, which was undertaken on a lapse of time basis,1 enables the release of a further SDR 3.28 million (about US$5 million) under the arrangement. This will bring the total amount drawn under the arrangement to SDR 16.4 million (about US$24.9 million).
The PRGF is the IMF's concessional facility for low-income countries. PRGF-supported programs are based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners and articulated in the country's Poverty Reduction Strategy Paper. This is intended to ensure that PRGF-supported programs are consistent with a comprehensive framework for macroeconomic, structural, and social policies to foster growth and reduce poverty. PRGF loans carry an annual interest rate of 0.5 percent and are repayable over 10 years with a 5½ -year grace period on principal payments.
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.
Labels: Armenia - Economy
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