Accessibility links

Breaking News

Armenia: Agreement Reached On Targets For IMF Loan

Washington, 16 May 1997 (RFE/RL) - Armenia and officials from the International Monetary Fund (IMF) have reached agreement on the 1997 targets for the second year of Yerevan's three-year loan of around $138 million.

An IMF spokeswoman in Washington says the mission and Armenian officials reached full agreement ih Yerevan on the reform program for this year, including improved banking reforms and tax collections. The spokeswoman says the agreement will be taken up by the IMF Board of Executive Directors at the end of June.

Armenia is scheduled to be able to make two drawings from the loan this year -- around $24 million once the board approves and a second $24 million about six months later.