Home > Latest News > IMF Approves New Loans But Urges More Reforms In Armenia

IMF Approves New Loans But Urges More Reforms In Armenia

December 11, 2012 Leave a comment Go to comments

The International Monetary Fund called for a more radical improvement of the business environment and tax collection in Armenia on Tuesday as it announced the release of more than $51 million in fresh loans to the authorities in Yerevan.

A senior IMF official said doing business in the country remains “difficult” because of its geopolitical isolation, government corruption and a lack of clear and predictable government regulations.

The loans approved by the fund’s Executive Board in Washington are the latest installments of a $409 million lending program that was launched in June 2010 to facilitate Armenia’s recovery from a deep economic recession. Their allocation raised to about $325 million the total amount of funding drawn by the Armenian government and Central Bank under the three-year arrangement.

Armenian News

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