Armenia is likely to get another $18,2 mln form IMF under the Extended Fund Facility (EFF) program in November 2014, told Mark Horton, IMF Mission chief to Armenia, at the conclusion of the mission’s working visit to the country. The total EFF package, agreed upon on March 7, includes 82,21 mln SDR (about US$127,6 mln, or 89,4% of Armenia’s quota) to be disbursed in 38 months. The agreement has enabled the disbursement of the 1st tranche of SDR 11,74 mln (about US$18.2 mln), told Horton.

He added that the initial progress of Armenia’s performance will expectedly be reported to the IMF Executive board in November 2014 and will be followed by the second disbursement. Next ones, in equal amounts of 11,74 mln SDR, are likely to follow every 6 months.

He reminded that the funding is only intended for the country’s Central Bank to strengthen its currency reserves, and is likely to be the exit program for the country in terms of financial assistance, which does not mean the country cannot apply for technical assistance. «There are complex reforms ahead, but they can be undertaken without having to borrow new amounts from the IMF. This may well be the case for Armenia 38 months from now», Horton explained.