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At June 24 extraordinary sitting moderated by Mane Tandilyan, the RA NA Standing Committee on Financial-Credit and Budgetary Affairs debated the draft law on Ratifying the Letter-Agreement on Involving the Use of the Stand-By Arrangement (SBA) Means and Additional Borrowing Means signed on 23 May and 1 June 2020 between the Republic of Armenia and the International Monetary Fund (IMF).
The RA Deputy Minister of Finance Armen Hayrapetyan has assured that the three-year Stand-By Arrangement was approved for Armenia still in May 2019 by the International Monetary Fund aimed at the implementation of the economic fundamental and structural reforms. The Board of the IMF Executive Directors also approved the bid of additional involvement in the frameworks of the IMF Rapid Financing Instrument.
It has also been noted that as a result of negotiations with the IMF representatives an agreement was reached to use the accessible means in the Stand-By Arrangement as a direct budgetary support, directed to ensuring the financing of the social-economic measures for mitigating the consequences emerged by the spread of the new coronavirus pandemic.
The co-speaker, the NA deputy Yeghishe Soghomonyan highlighted the adoption of the draft law and called on his colleagues to vote for it.
The Committee members endorsed the Letter-Agreement by voting.
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