Budget support credit to Armenia

EFSD Council approved a budget support credit in the amount of 300 million dollars by three equal tranches during 2015-2017 to the Republic of Armenia by its decision as of October 29, 2015. The main objective of the Credit is to support of the Armenia’s authorities program aimed at increasing the country's resistance to external shocks through consolidating the budget position and improving the efficiency of public spending, expanding the economic base through improving the business and investment climate and reducing the dollarization of the banking sector.

The first tranche in the amount of 100 million US dollars was disbursed to the Republic of Armenia on 28 December, 2016, based on the appropriate decision of the Fund Council on satisfactory implementation of the tranche release conditions.

The second tranche in the amount of 100 million US dollars was disbursed to the Republic of Armenia on 6  December, 2016, based on the appropriate decision of the Fund Council on satisfactory implementation of the tranche release conditions.

The third tranche in the amount of 100 million US dollars was disbursed to the Republic of Armenia on 6 December, 2017, based on the appropriate decision of the Fund Council on satisfactory implementation of the tranche release conditions.

The final report of the Fund’s Manager on the results of implementation of the Reform Program, supported by the EFSD financial credit to the Republic of Armenia, was approved by the Fund’s Council on March 28, 2019.