WASHINGTON (Sputnik) – The International Monetary Fund (IMF) has completed a review or Armenia’s economic performance, unlocking an additional $22.01 million in aid under a three-year program, the fund said in a statement.
The total IMF allocations under the Extended Fund Facility (EFF) program now stand at $71.53 million.
"The outlook remains challenging, but the risks to the program are manageable. Steadfast implementation of the agreed set of measures going forward will keep the program on track, rebuild buffers and policy space, and accelerate achieving key reform agenda objectives," IMF Deputy Managing Director and Acting Chair Mitsuhiro Furusawa said on Wednesday.
Furusawa stressed that further structural reforms in Armenia are crucial for supporting medium-term economic growth.
