IMF will Provide $25 Million Loan

YEREVAN (Lragir) – An agreement was reached between the International Monetary Fund and the Armenian government on Monday to provide a $25 million loan for the ESAF project of structural changes.

The loan agreement for the ESAF project was signed in February 1996 by the Armenian government and the IMF.

The IMF announced the existence of two principal objections. First–Armenia must make the income of the state budget for 1997 more realistic–making it correspond to international norms–and second–Armenia will have to hasten the improvemen’s in the banking sphere.

Once these changes are made–the IMF will begin its disbursement of the loans in mid July.

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