IMF, Armenia reach agreement on new stand-by arrangement

YEREVAN. Oct 17 (Interfax) - The International Monetary Fund and the Armenian authorities have reached a staff-level agreement on the sixth review under the current Stand-By Arrangement (SBA) as well as on policies under a new three-year SBA, the IMF said in a press release.

An IMF team led by Alexander Tieman visited Yerevan from September 17-30, to conduct discussions on a new 36-month SBA.

"The IMF team and the Armenian authorities have reached a staff-level agreement on policies for the completion of the sixth review under the three-year SBA as well as for a new 36-month, SDR 128.8 million (about $175 million) SBA, which will continue to support Armenia's economic reform program. The agreement is subject to approval by the IMF's Executive Board later this year," the IMF said.

The IMF in December 2022 approved a stand-by arrangement for Armenia totaling approximately $177 million to support the efforts to maintain macroeconomic, financial and fiscal stability and advance the domestic economic program.