Masood Ahmed: IMF to Support Armenia to Overcome Newer Economic Challenges

On June 29 president of Armenia Serzh Sargsyan received Masood Ahmed, the Director of the Middle East and Central Asia Department at International Monetary Fund.

 

During the meeting the president spoke highly of IMF's activities in Armenia and emphasized the importance of the implementation of joint projects and their beneficial effect on the Armenian economy. 

 

In his turn, M. Ahmed spoke in praise of Armenia's cooperation with the IMF. He has said that the country is facing newer economic challenges and that IMF is ready to support Armenia to overcome the latter.  

 

The officials focused their attention on the need to improve the business climate, attract investments and create new vacancies. 

 

IMF is to allocate 82.21 mln SDR (about 119.14 mln USD) to Armenia within the 38-month- long EFF project, which was approved on March 7, 2014. The project envisages 17-mln-usd- worth 7 tranches (11.74 mln SDR). The first tranche was allocated in MArch 2014, the second one was planned to allocate in December, 2014, while the third one - in June, 2015.