Yerevan /Mediamax/. Managing Director of the International Monetary Fund (IMF) Dominique Strauss-Kahn made a statement today, in which he proposed to allocate a loan at the sum of $540 to Armenia.

Mediamax reports, speaking at a news conference in Yerevan today that IMF representative in Armenia Ninke Omes informed that Dominique Strauss-Kahn presented the corresponding proposal on 28-month Stand-By Arrangement to IMF Executive Board.

“It is expected that the Executive Board will discuss the allocation of a loan to Armenia on March 6, after which, given approval, Armenia will be able to immediately draw about $239mln”, Ninke Omes stated.

She noted that the proposal of the Managing Director of IMF is conditioned by high level of crisis prevention measures of the Armenian government. His statement, in particular, gives a positive assessment to the return of Armenia’s monetary-credit policy to a floating exchange rate regime.
Ninke Omes noted that the loan, proposed by the Managing Director of IMF, makes 400% of Armenia’s quota in IMF and will be directed to replenish the external reserves of the Central Bank.

Ninke Omes informed that in case of approval, the loan will be provided to Armenia for 5 years with three years of period of grace and basing on Special Drawing Rights (SDR), the rate of which at present makes 1.54%.--0--