International Monetary Fund (IMF) completed the second review of anti-crisis stabilization program implemented by Armenia under IMF credit support.

According to Wall Street Journal, IMF “reworked details of a loan agreement with Armenia to speed aid to the country.” Armenia will immediately receive an additional $60 million from its $822.7 million loan facility. The source recalls that Armenia was impacted most by global crisis among Central European countries. The country has drawn over U.S. $400m from the provision.

IMF deputy managing director Takatoshi Kato stated that, “The fall in remittances and the collapse in the construction sector have caused a more severe economic contraction and lower fiscal revenue than anticipated.”

Under IMF forecast, economic slump in Armenia in 2009 will total 15.6%.

“IMF approved a request for a waiver of nonobservance of end-September 2009 fiscal balance performance criterion, modification of the quantitative performance criteria for end-December 2009 to reflect the revised macroeconomic framework and rephasing of purchases to make the amounts scheduled to become available following the second and third review available upon completion of the second review,” IMF official website reads.