The Executive Board of the International Monetary Fund (IMF) has completed its first review of Armenia’s economic performance under a program supported by the Extended Fund Facility (EFF) and the Extended Credit Facility arrangement (ECF).¹ The Board's decision was taken on a lapse of time basis².

The decision enables the authorities to draw an additional SDR 39.0 million (US$57.6 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 78.1 million (US$115.2 million).

The three-year SDR 266.8 million (about US$393.9 million) EFF and ECF arrangement with Armenia was approved by the IMF’s Executive Board on June 28, 2010 (see Press Release No. 10/263).

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¹ The Extended Credit Facility (ECF) has replaced the Poverty Reduction and Growth Facility (PRGF) as the Fund’s main tool for medium-term financial support to low-income countries by providing a higher level of access to financing, more concessional terms, enhanced flexibility in program design features, and more focused streamlined conditionality. Financing under the ECF carries a zero interest rate, with a grace period of 5½ years, and a final maturity of 10 years (http://www.imf.org/external/np/exr/facts/ecf.htm). The Fund reviews the level of interest rates for all concessional facilities every two years.

² The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.