Republic of Armenia: First Review Under the Stand-By Arrangement, Request for Augmentation, Rephasing of Purchases, Waiver of the Nonobservance of Performance Criteria, and Modification of Performance Criteria: Staff Report, Press Release on the Executive Board Discussion, and Statement by the Executive Director for the Republic of Armenia.
July 20, 2009
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This paper discusses key findings of the First Review under the Stand-By Arrangement for the Republic of Armenia. In light of the large increase in Armenia’s financing needs, the authorities have requested an augmentation of IMF resources in the amount of 180 percent of quota. The revised program maintains the original objectives of responding to the external outlook, strengthening confidence in the domestic currency and the banking sector, and protecting the poor, but would also allow an easing of monetary and fiscal policies to mitigate the severity of the crisis.
Subject: Credit, Debt service, Exchange rates, External debt, Foreign exchange, Money, Public debt
Keywords: Armenia, CR, Credit, Debt service, easing of monetary and fiscal policy, Exchange rates, Global, ISCR, nonobservance, Rephasing of purchase, request, request for augmentation, tax administration reform agenda, waiver, waiver of the nonobservance of performance criteria
Pages:
86
Volume:
2009
DOI:
Issue:
214
Series:
Country Report No. 2009/214
Stock No:
1ARMEA2009004
ISBN:
9781451801750
ISSN:
1934-7685
