IMF to decide on next $17 million tranche to Armenia in November
Chief of IMF Mission to Armenia, Mark Horton, said Friday the decision on the disbursement of another $17 million worth tranche under the Extended Fund Facility program will be made in November.
In 2014 March the IMF Executive Board approved an agreement with Armenia on financing in the amount of 82.21 mln. SDR ($127.6 mln. or 89.4% of Armenia's quota) within the 38-month program Extended Fund Facility (EFF) for the implementation of economic programs.
Horton said that over the past two weeks, the IMF studied the pace of the program’s implementation and it remains only that the government complete the implementation of some technical steps.
"We expect the report on the implementation of the previous stage in November, after which the Board of the IMF will make a decision on allocating the next tranche of $17 million,’ said Horton.
According to him, studies showed progress in the implementation of the program, and therefore there will not be obstacles to the disbursement of the tranche.
The program is designed for three years and it is planned that all the funds will be transferred to Armenia in the form of seven tranches.-0-