The Board of Directors of the International Monetary Fund (IMF) has decided to allocate a new credit tranche to Armenia in the amount of about $21.6 million, the IMF said in a press release.

The Executive Board of the International Monetary Fund (IMF) completed on Thursday, June 23 the fifth and final review of Armenia’s economic performance under a three-year arrangement under the Extended Fund Facility (EFF).

The completion of the review allows the authorities to draw the equivalent of SDR 15.69 million (about US$21.6 million).

Armenia’s three-year extended arrangement for SDR 82.21 million (about US$111.57 million at the time of approval of the arrangement) was approved on March 7, 2014.

Following the Executive Board discussion on Armenia, Mr. Tao Zhang, Deputy Managing Director and Acting Chair, said:

“Armenia has been facing challenging external conditions which have contributed to subdued domestic demand, weak fiscal revenues, and deflationary conditions. Nonetheless, program performance has been satisfactory. All end-December 2016 quantitative performance criteria, indicative targets, and structural benchmarks were met. Economic activity is expected to pick up in 2017 and over the medium term, however, downside risks and significant structural challenges remain.