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The Executive Board of the International Monetary Fund (IMF) completed the third review of Armenia's performance under a three-year arrangement under the Extended Fund Facility (EFF). The completion enables the release of about US$22.01 million, according to an official press release http://www.imf.org/external/np/sec/pr/2016/pr16284.htm of the foundation.

Thus, a total of about US$71.53 million will be allocated to Armenia. The extended arrangement was approved on March 7, 2014.

It pursues further structural reforms to enhance competition, competitiveness, and regional and global integration remaining critical to reduce vulnerabilities and support medium-term growth.

Following the Executive Board's discussion on Armenia, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, said that despite difficult external conditions, program performance by Armenia has been broadly satisfactory, with most targets met.

“The new tax code (recently submitted to the national assembly) provides a major opportunity to broaden the tax base by reducing exemptions and addressing gaps and thereby supporting both consolidation and increases in growth-enhancing spending,” reads the statement by the foundation.

It should be noted that the new tax code was adopted at first reading.