Yerevan /Mediamax/. International Monetary Fund (IMF) approved two programs of anti-crisis credit support for Armenia with the total cost of about $400mln.

Mediamax reports that the volume of each program, meant for 3 years, makes $197.4mln USD. After the decision made, Armenia may immediately receive $53.6mln.

The program objectives are to restore fiscal and external sustainability, preserve financial stability, and support growth and poverty reduction.

Murilo Portugal, Deputy Managing Director and Acting Chair, noted that “exchange rate flexibility will remain a cornerstone of the program, complementing the authorities’ objective to target inflation”. He also noted that as the economy recovers, the authorities are renewing their focus on medium-term challenges: achieving strong growth and poverty reduction, debt sustainability, and financial sector stability.

IMF Deputy Managing Director stated that the Armenian financial sector is ““sound and well-capitalized”.