IMF May Halt Further Credits to Armenia

YEREVAN (Itar-Tass)–It is quite possible that the International Monetary Fund will postpone the second installment of credit of $50 million to Armenia envisaged for the current year–Tanos Katsambas– representative of the IMF mission in Yerevan–said Friday.

Katsambas is currently holding talks with the Armenian government on the issue.

IMF representatives discovered during talks that two problems of key importance–failure of enterprises to pay taxes owed and lack of reforms within the banking system of Armenia–had not been resolved yet–as stipulated by the agreement between Armenia and the IMF.

Katsambas called Armenia’s current economic program–specifically–Armenia’s budget for the current year as "too optimistic in the part dealing with revenues."

"The expected revenues will not come," Katsambas said–suggesting that the Armenian government reduce its expenditures accordingly.

Talks with the IMF are still underway.

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