Yerevan /Mediamax/. International Monetary Fund (IMF) approved provision of $392mln to Armenia within the framework of affordable funding.

Mediamax reports that according to the Minister of Finance Tigran Davtyan, this program provides for milder terms for loan repayment, as compared to the Stand-By Arrangement (SBA), and will significantly facilitate the loan load.

Let’s note that the total volume of Stand-By Arrangement makes over $810mln, of which over $530mln is already paid.

According to Tigran Davtyan, the government of Armenia and IMF carried out negotiations on transforming SBA program into Extended Fund Facility and Extended Credit Facility with prolongation of its term till 2013. He stressed that the sides came to the conclusion that in connection with gradual growth of the Armenian economy, provision of available funding is possible.

At that, Tigran Davtyan informed that the means for the loan repayment are already included in the medium-term program of the Armenian government for 2011-2013. “We fit in the frames of the program and even given a careful scenario of growth in the nearest three years, there will be no problems with servicing loans”, Minister of Finance stated.