The International Monetary Fund’s Executive Board has completed the Third Review under the Stand-By Arrangement for the Republic of Armenia and has approved $36,900,000 disbursement.

“The Executive Board of the International Monetary Fund (IMF) completed the third review of the Republic of Armenia’s performance under the program supported by the Stand-By Arrangement (SBA). The completion of the review will allow the authorities to draw SDR 25.714 million (about US$37 million), bringing total disbursements to SDR 231.7 million (about US$ 332 million),” the press release reads.

The IMF also states that due to the COVID-19 pandemic (now in its second wave), and the recent military hostilities involving the Nagorno-Karabakh conflict zone, Armenia’s real GDP is projected to contract by 7 percent in 2020, with a return to positive growth expected next year.