Approximately $36.7 Million in Budgetary Funds Made Available for Armenia

The Executive Board of the International Monetary Fund approved the third phase assessment results of the three-year program with Armenia on December 11, making budgetary funds equivalent to 25.714 million Special Drawing Rights (approximately $36.7 million) available for the Republic of Armenia. Under the joint program, a total of 231.657 million Special Drawing Rights (around $315 million) has been allocated in loan resources.

This was reported to Armenpress by the Public Relations Department of the Central Bank of Armenia. According to the IMF assessment, the monetary policy has been expansionary as needed, supporting the economy while maintaining the liquidity of the banking system, and inflation has remained at low levels.

However, the Central Bank of Armenia needs to closely monitor market developments and be prepared to adjust monetary policy if necessary to ensure macroeconomic stability, maintaining exchange rate flexibility to absorb shocks within the framework of inflation targeting.

Despite the financial system not showing signs of stress, the Central Bank must continue to reveal potential vulnerabilities and risks in the financial system, ready to take appropriate measures to ensure financial stability.

The IMF Board members responded positively to the fact that socioeconomic shocks have not significantly impacted the financial system. They believe that reforms in the financial sector, some of which are still underway, will contribute to economic recovery and long-term growth.