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The International Monetary Fund (IMF) approved in May a three-month reserve program of $ 248.2 million to help Armenia carry out fundamental economic and structural reforms, deputy finance minister Armen Hayrapetyan said on Wednesday at the parliament.

As a result of talks with the IMF representatives, an agreement was reached on the use of the funds as direct budget support to finance socio-economic consequences amid the COVID-19 pandemic.

A total of about $ 280 million is available to Armenia, and another $ 35 million will be allocated as a result of the third revision of the program, he added.

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