The IMF Executive Board completed its fourth review of Armenia’s economic performance under a program supported by Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements and approved the disbursement of US$50.7 million.

The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions. The IMF office in Armenia informed that Armenia’s economic performance was earlier presented to the Board for discussion. The Board decided on June 15 to disburse the next tranche under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements on the lapse of time basis since it fully met all the requirements and no issue requiring discussion has arisen.

This decision enables the authorities to draw an additional SDR 33.5 million (about US$50.7 million), bringing total disbursements under the arrangements to SDR 178.3 million (US$269.8 million). The three-year SDR 266.8 million (US$403.8 million) EFF and ECF arrangements with Armenia were approved by the IMF’s Executive Board on June 28, 2010.