YEREVAN. – At Thursday’s Cabinet meeting, the government of Armenia approved the letter-agreement signed with the International Monetary Fund (IMF) on the use of reserve program funds and the receiving of additional loans. This letter-agreement, however, still has to be endorsed by the Constitutional Court and the National Assembly.
Minister of Finance Atom Janjughazyan presented the matter.
"It [these loans] will not be used for the payment balance, but be used for the funding of budget programs; that is, as a budget support loan," the minister explained, in particular.
In fact, as a result of this agreement, about $280mn of budget funds are currently available for Armenia, and another about $35mn will be available as a result of the third revision of the program.