Yerevan, October 11 /Mediamax/. The International Monetary Fund (IMF) made a decision to allocate to Armenia another tranche at the sum of $5.2mln within the framework of Poverty Reduction and Growth Facility (PRGF) program.

Mediamax reports that the decision was made following the results of a regular, fifth review of the program fulfillment by Armenia. As a result of the decision made, the total amount of the credit support of Armenia by the Fund within the framework of the three-year program will reach approximately $31,4mln.

Commenting on the decision made, the Deputy Managing Director and Acting Chair Takatoshi Kato noted that “Armenia continues to benefit from a double-digit rate of growth, moderate inflation, a low fiscal deficit, and a comfortable reserves position”. He also noted that Armenia made a good progress in reducing poverty.

Takatoshi Kato described the medium-term economic prospects of Armenia as “positive”, and the outlook for investment as “favorable”.

IMF Deputy Managing Director and Acting Chair stated that “sound fiscal and monetary policies will remain key to macroeconomic stability and external competitiveness, against the background of large-scale foreign exchange inflows and rising inflationary risks”.

“The Central Bank of Armenia is committed to tightening monetary policy to keep inflation low, while maintaining a flexible exchange rate regime”, Takatoshi Kato noted.