The Region in Brief

Armenia

The International Monetary Fund has approved a new three-year lending program to Armenia. The IMF agreed to loan $171 million, following the expiration of the previous Stand-By Arrangement worth $415 million. The global financial agency said the loan will “serve as insurance in case shocks generate balance of payments needs.” Armenia’s economy is projected to grow 11-percent this year, as Russian exports to Armenia have doubled this year in response to Western economic sanctions against Moscow. The IMF praised the Central Bank of Armenia for maintaining a strict monetary policy to curb rising inflation rates. The Central Bank once again raised interest rates to 10.75-percent, by .25-percentage points this week, in anticipation of rising global inflation.