IMF Approves US$87 Million PRGF Credit to Armenia

The Executive Board of the International Monetary Fund (IMF) has given its final approval of the three-year loan of SDR 69 million (about US$87 million) under the Poverty Reduction and Growth Facility (PRGF) for Armenia to support the government's economic program. This final approval will make the first disbursement of SDR 10 million (about US$13 million) available immediately.

The approval by the IMF Executive Board was contingent on a decision by the World Bank Executive Board on May 22 (see Press Release No. 01/25), which concluded that the Interim Poverty Reduction Strategy Paper (I-PRSP) submitted by the Republic of Armenia provides a sound basis for the development of a fully participatory PRSP and for World Bank concessional financial assistance.