Yerevan /Mediamax/. The Executive Board of the International Monetary Fund approved US$540 million Stand-By Arrangement for Armenia “to support the country’s program to adjust to the deteriorated global outlook, restore confidence in the currency and financial system, and protect the poor”.

As Mediamax was told in the press service of IMF Yerevan Office, the approval makes the amount equivalent to US$237 million immediately available and the remainder in nine installments subject to quarterly reviews.

According to IMF assessment, Armenia’s gross external financing requirements are projected at about US$1.6 billion for 2009.

Murillo Portugal, Deputy Managing Director and Acting Chair, said that medium-term prospects of the Armenian economy remain good. He noted the necessity to continue tax and customs administration and financial system reforms.