Yerevan/Mediamax/. The Executive Board of the International Monetary Fund (IMF) completed the third review of Armenia’s economic performance and made a decision to release immediately $73.mln to the country.

Mediamax was informed in the press service of MIF, thus total disbursements volume to Armenia within the framework of Stand-By Arrangement with IMF makes $532.2mln.

IMF Managing Director and Acting Chair Murilo Portugal stated successful operations of the government of Armenia within the framework of Stand-By Arrangement with IMF.

The representative of the Fund expressed an opinion that the economic recession of Armenia appears to have bottomed out "aided by supportive monetary and fiscal policies". Murilio Portugal stressed the necessity of the further economic recovery and address external vulnerabilities.

He also stressed that the authorities of Armenia are committed to make good progress on the reforms in tax policy and administration, as well as on public expenditure and debt management.

IMF Managing Director noted that monetary loaning policy of Armenia moves to a more neutral stance, in order to head off potential inflation pressures and the financial authorities of Armenia aim to strengthen the monetary transmission mechanism to enhance the effectiveness of monetary instruments.

"The financial sector remains sound and well capitalized, and the authorities have strengthened their crisis preparedness and contingency planning frameworks. Further reforms will be important to ensure continued resilience to risks", resumed Murilio Portugal.

In March 2009, IMF made a decision to issue a loan to Armenia in the amount of $540mln. In June IMF approved growth of Stand-By Arrangement of Armenia up to $822,7mln. According to Stand-By Arrangements, IMF member country can receive foreign currency in exchange for national currency for financing deficit of balance of payment within the mentioned period and the approved sum.