ArmInfo. "I hope that together with the newly appointed government, the IMF will be able to effectively promote economic reforms in Armenia," Yulia Ustyugova, IMF permanent representative to Armenia, said today during a meeting with RA Deputy Prime Minister Mher Grigoryan. As the press service of the government reports, during the meeting Ustyugova presented the progress of the programs implemented by the Fund in Armenia and the planned further steps.
M. Grigoryan highly appreciated the implementation of joint programs with the IMF, and provided assistance over many years. "Armenia is ready to strengthen and develop cooperation with the IMF more actively," the Vice Premier stressed.
As ArmInfo was informed earlier in the Armenian office of the IMF, the fund is aimed at stimulating a higher inclusive growth of the Armenian economy. "A possible new program, implemented with the support of the IMF, will help the government achieve the vision of Armenia to become a diversified economy with an average income level," the head of the IMF mission for Armenia Hossein Samiyey noted in March. He stated, in particular, that "the IMF team welcomes the intention of the Armenian government to implement a comprehensive reform program supported by the development program for 2017-22.">
Will the IMF's program plans be revised in connection with the exchange of government, is not reported.
Armenia became a member of the International Monetary Fund (IMF) on April 28, 1992. According to the agreement signed in 2009 with the aim of mitigating the impact of the global economic crisis, the IMF provided Armenia with a loan of 127.6 million SDR (Special Drawing Rights) within the framework of the Stand-byArangement program, and later, under the "Long-Term Credit Instrument" (Extended Credit Facility (ECF)), based on the agreements between the government of RA and the IMF for 2010 and 2012. the government of the Republic of Armenia was granted a loan totaling 101.8 million SDR.
The IMF provided program assistance to the country under the "Long-Term Financing" (EFF) program from 2014 to 2017. The program, valued at 82.21 million SDR or $ 111.57 million, was approved on March 7, 2014. The goal of the program is to assist the country's economy by supporting the balance of payments, as well as the macroeconomic policy agreed with the Armenian authorities. On December 9, 2016, the IMF Executive Board completed the fourth final audit of the implementation of the EFF program in Armenia, according to which the fund approved financing to the country in the amount of 15.65 million SDR or $ 21.24 million. Thus, as noted in the IMF report, of this program, the total amount of appropriations was brought to 66.52 million SDR or about $ 90.28 million.