Press Release: IMF Executive Board Completes First Review Under EFF/ECF Arrangement for Armenia and Approves US$53.4 Million Disbursement
December 1, 2010Press Release No. 10/465
December 1, 2010
The Executive Board of the International Monetary Fund (IMF) has completed its first review of Armenia’s economic performance under a program supported by the Extended Fund Facility (EFF) and the Extended Credit Facility arrangement (ECF).1 The Board's decision was taken on a lapse of time basis.2
The decision enables the authorities to draw an additional SDR 36.2 million (US$53.4 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 72.4 million (US$106.9 million).
The three-year SDR 266.8 million (about US$393.9 million) EFF and ECF arrangement with Armenia was approved by the IMF’s Executive Board on June 28, 2010 (see Press Release No. 10/263).
1 The Extended Credit Facility (ECF) has replaced the Poverty Reduction and Growth Facility (PRGF) as the Fund’s main tool for medium-term financial support to low-income countries by providing a higher level of access to financing, more concessional terms, enhanced flexibility in program design features, and more focused streamlined conditionality. Financing under the ECF carries a zero interest rate, with a grace period of 5½ years, and a final maturity of 10 years (http://www.imf.org/external/np/exr/facts/ecf.htm). The Fund reviews the level of interest rates for all concessional facilities every two years.
2 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.