IMF to Allocate Nearly $37 Million to Armenia

The International Monetary Fund (IMF) has approved the allocation of $36.9 million to Armenia under the Stand-By program. This was announced on the organization's website.

“The Executive Board has concluded the third review of Armenia’s performance under the Stand-By Arrangement. This will enable the authorities to access around $37 million, resulting in a total disbursement of approximately $332 million,” the statement said.

The IMF noted that Armenia's economy has been severely impacted by the escalation of the Nagorno-Karabakh conflict as well as COVID-19. According to the organization’s forecasts, the country's GDP is expected to contract by 7 percent this year.