WASHINGTON (Pakistan Point News / Sputnik - 12th December, 2020) The International Monetary Fund said in a statement that it has completed its third review of Armenia's Stand-By-Arrangement that will allow Yerevan to draw additional $37 million in coronavirus-related aid, bringing to $332 the total extended to the country since the start of the pandemic.
"The Executive board of the International Monetary Fund (IMF) completed the third review of the Republic of Armenia's performance under the program supported by the Stand-By Arrangement (SBA)," the IMF said on Friday. "The completion of the review will allow the authorities to draw SDR 25.714 million (about US$37 million), bringing total disbursements to SDR 231.7 million [about US$332 million]."
The IMF said in the statement that the impact of the measures to deal with the coronavirus outbreak was expected to force the Armenian economy to contract 7.25 percent in 2020, ending a recent period of high economic growth.
The financial support will help Armenia mitigate hardship from the measures undertaken to address the pandemic, the IMF added.
Armenia's economic outlook was generally positive beyond the impact of the novel coronavirus, according to the IMF.
