On November 18, an agreement with representatives of the International Monetary Fund (IMF) was reached on the third review of the three-year IMF-supported Stand-By arrangement, which made available to the Republic of Armenia a budget of SDR 25.714 million (about USD 36.7 million).
It should be reminded that the IMF Stand-By arrangement worth SDR 180 million (equivalent to USD 248.2 million) was approved in May, 2019, aimed at implementing fundamental and structural economic reforms.
However, in March-April of this year, negotiations with the IMF representatives agreed to use the funds available under the Stand-By arrangement to finance socio-economic measures to mitigate the effects of the new coronavirus spread, as well as to attract an additional SDR 128.8 million (USD 175 million) under the IMF Rapid Financing Instrument.
As a result, SDR 231.657 million (about USD 315 million) of credit funds became available for the Republic of Armenia under the Stand-By arrangement.