YEREVAN. – Armenia will pay approximately $1.6 million as additional payment to the International Monetary Fund (IMF).

The payment will be made to compensate for the US dollar exchange rate fluctuations against the IMF special drawing rights (SDR) .  

The respective bill, which Finance Minister Davit Sargsyan introduced, was adopted at Wednesday’s Cabinet meeting.
Armenia was allocated  202.4 million SDR, within the framework of the IMF  Stand-By Arrangement (SBA) credit program.

A sum equivalent to 15.95 million SDR is paid each quarter, to repay the principal amount.

Earlier, the SDR exchange rate was USD 1.532, but it started to increase since November 2013, and, now, it is at USD 1.545.

The aforementioned allocation is for the compensation of the difference in the exchange rate. 

The Stand-By Arrangement agreement between Armenia and the International Monetary Fund was signed in 2009.