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The Executive Board of the International Monetary Fund (IMF) today approved a three-year arrangement under the Extended Fund Facility (EFF) in an amount equivalent to SDR133.40 million (US$197.4 million) and a three-year arrangement under the Extended Credit Facility (ECF) in an amount equivalent to SDR 133.40 million (US$197.4 million) for the Republic of Armenia. Access under the arrangements totals an amount equivalent to SDR 266.80 million (US$394.8 million) for the period through June 27, 2013, IMF reported.

The Board decisions enable the immediate disbursement of an amount equivalent to SDR 36.2 million (US$53.6 million).The Board also took note of Armenia’s request to cancel a Stand-By Arrangement approved on March 6, 2009 (Press Release No 09/68) without completing the fourth review.

The program objectives are to restore fiscal and external sustainability, preserve financial stability, and support growth and poverty reduction. These objectives will be addressed under the new EFF and ECF arrangements, which will provide a renewed focus on the macroeconomic policies and structural reforms to achieve solid medium-term growth, fiscal and debt sustainability, and financial sector stability.