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IMF Said To Set New Conditions For Armenia Loan


By Atom Markarian

Finance and Economy Minister Vartan Khachatrian said on Thursday that the International Monetary Fund has unexpectedly set additional conditions for releasing two delayed loans after what he described as successful negotiations with the Armenian government earlier this month.

Khachatrian said that the government and a visiting IMF mission reached an agreement on the disbursement of two tranches worth $26 million that are part of the fund’s $87 million Poverty Reduction and Growth Facility (PRGF) loan. The mission held talks in Yerevan from February 1 to 14.

“A joint document was fully agreed on, but the IMF asked us not to talk about it for the time being,” the minister told reporters. “So we didn’t talk about it. But now they have sent us some new proposals regarding that document.”

Khachatrian would not specify what those proposals are. He said only that the release of the funds before the next meeting of the IMF board of directors scheduled for April should not be considered a forgone conclusion.

The IMF has until now insisted only on several administrative measures which it believes will allow the government to meet its tax revenues this year. IMF officials in Yerevan have refrained from commenting on the results of the most recent talks.
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