YEREVAN. – Armenia will have to pay another 450 million drams (approx. $941,500) along the lines of the repayment of the International Monetary Fund (IMF) loans.

The respective decision was made at Thursday’s Cabinet meeting.

Earlier, the last tranche of debt payments pursuant to the IMF Stand-By Arrangement (SBA) was to total $3.12 million. And based on the SDR dollar-dram exchange rate on November 3, 2014, a total of 1.89 billion drams (approx. $3,954,320) were envisioned to repay this loan.

But since the dram’s exchange rate against the SDR dropped on January 29, 2015, and due to the depreciation of the Armenian national currency, the aforesaid debt tranche had to be increased by 450 million drams.