The government of Armenia has given permission to make adjustments to the agreement with IMF on providing a loan worth 202.4 million SDR, ARKA reports.
Armenian Finance Minister Tigran Davtyan reminded that the IMF provided a stand-by credit to Armenia due to the crisis last year. In July the Board of Directors of IMF decided to ease the term, allowing Armenia to reconstruct the remaining part of the stand-by credit, equal to approximately 74.8 million SDR or over $100 million, the minister informed.
Davtyan also said that the new conditions allow it to repay the credit in 10 years, instead of 5, with a five-year beneficial period. The minister emphasized that it is a non-interest credit.
The finance minister added that Armenia will save $10-15 million with longer repayment terms. He emphasized that the easier terms only concern the 74.8 million SDR sum, which Armenia has not received yet. The finances it received will be repaid according to the agreement concluded earlier.
