Armenia gets third PRGF Tranche from IMF

Armenia Materials 13 December 2006 15:12 (UTC +04:00)

(ArmInfo) - Armenia has got the third tranche from the IMF ($4.9mln or SDR 3.28mln) under the PRGF program (Poverty Reduction and Growth Facility), IMF Resident Representative in Armenia Nienke Oomes said during a press-conference today.

She said that the decision on the issue of the tranche was made Nov 22. The IMF is satisfied with high GDP growth, low inflation and macro-economic stability in Armenia and, particularly, with the course of the PRGF program. This is the result of continuing financial and fiscal reforms, reports Trend.

The IMF's PRGF allocations for 2006-2008 total $34.3mln (SDR 23mln). With the third tranche inclusive, the IMF has already provided $19.5mln (SDR 13.12mln). As of Dec 12 2006 the total volume of IMF credits issued to Armenia since 1992 totalled SDR 112.58mln. As of June 2006 the index was SDR 123.32mln - part of the liabilities were repaid. Armenia's quota in the IMF is SDR 92mln ($138.6mln) or 0.04% of the total quota. Armenia's vote quota is 1,170 votes or 0.05% o the total number of votes.