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ARMENIA DAILY DIGEST
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From: Ina Iankulova (iiankulova@sorosny.org)
Date: Mon Apr 07 2003 - 10:43:43 EDT
IMF APPROVES NEW LOAN FOR ARMENIA
In a 2 April statement posted on its website (http://www.imf.org), the IMF announced the release of a fourth tranche, worth approximately $14 million, of a three year Poverty Reduction and Growth Facility Loan approved in May 2001. The loan will be used to shore up Armenia's hard-currency reserves. The statement quoted IMF Deputy Managing Director and Acting Chairman Eduardo Aninat as commending the "strong performance" of the Armenian economy, in particular the reduction in the fiscal deficit, the repayment of domestic expenditure arrears, and continued low inflation. Armenian Finance and Economy Minister Vartan Khachatrian told journalists in Yerevan on 3 April that the IMF decision "means that we have a credible program and that our economic indicators meet international standards," RFE/RL's Yerevan bureau reported. Also on 3 April, it was announced that the German government will provide Armenia with 24 million euros ($22.4 million) in long-term loans and a further 2.5 million euros in grants, RFE/RL's Y
erevan bureau reported. LF
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