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IMF Executive Board Completes Third Review Under the Stand-By Arrangement for the Republic of Armenia and Approves US$36.9 Million Disbursement

The Executive Board of the International Monetary Fund (IMF) completed the third review of the Republic of Armenia’s performance under the program supported by the Stand-By Arrangement (SBA). The completion of the review will allow the authorities to draw SDR 25.714 million (about US$37 million), bringing total disbursements to SDR 231.7 million (about US$ 332 million), IMF reports.

Armenia’s three-year SBA of SDR 308.8 million (about US$ 443 million), equivalent to 239.75 percent of Armenia’s quota in the IMF, was approved by the IMF’s Board on May 17, 2019 and augmented on May 28, 2020 (see Press Release No. 19/173 and Press Release No. 20/2019 ).

The Armenian economy has been hit hard by the worst military confrontation since the early 1990s and a large second wave of the COVID-19 infections. These twin shocks have had a significant impact on the economy. Economic activity is projected to contract significantly in 2020, with growth of -7¼ percent, ending the recent period of high economic growth. The crisis has led to a deterioration of the fiscal position and while there are currently no signs of stress in the financial sector, the full impact of the twin crises is still unfolding. Nonetheless, the authorities have responded promptly with healthcare and anti-crisis measures to limit the pandemic’s impact while protecting vulnerable groups and safeguarding sustainability, as well as macroeconomic and financial stability. The Fund’s financial support will help Armenia meet these challenges, including the urgent social and economic implications of COVID-19 pandemic. Beyond the current crises, the economic outlook is generally positive, contingent upon the anticipated global recovery and domestic reform implementation.

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