The Executive Board of the International Monetary Fund (IMF) completed the third review of Armenia’s performance under the program supported by the Stand-By Arrangement (SBA). The completion of the review will allow the authorities to draw about US$37 million, bringing total disbursements to about US$ 332 million).

Armenia’s three-year SBA of about US$ 443 million, equivalent to 239.75 percent of Armenia’s quota in the IMF, was approved by the IMF’s Board on May 17, 2019 and augmented on May 28, 2020․

“Armenia has been hit hard by twin—pandemic and security—shocks. These shocks have negatively impacted its economy and population and brought to an end a period of strong growth seen in recent years. The authorities have responded proactively to mitigate the socio-economic and health effects of these shocks. Notwithstanding the sizable challenges Armenia has faced this year, its performance under the Stand-By arrangement has remained satisfactory, said Tao Zhang, Deputy Managing Director and Acting Chair.

“The authorities’ 2021 budget is appropriate given weak growth and is embedded in a clear medium-term fiscal strategy. The authorities remain committed to taking measures to safeguard debt sustainability as a result of which public debt is expected to fall to around 60 percent of GDP over the medium-term."