IMF releases $25.1 million to Armenia in wake of parliamentary election results

The International Monetary Fund (IMF) has approved the release of approximately $25.1 million to Armenia following the parliamentary election victory of Prime Minister Nikol Pashinyan’s party, according to the IMF’s official website.

The IMF Executive Board completed the first review under Armenia’s Stand-By Arrangement (SBA), enabling access to about 18.4 million Special Drawing Rights (SDRs).

The total amount under the program is expected to reach around $50.2 million. The Fund noted that the Armenian government considers the arrangement precautionary and does not intend to draw on the funds unless absolutely necessary.

“The SBA aims to support the government’s policy and reform agenda to preserve economic and financial stability and support strong, inclusive, and sustainable growth,” the IMF added.

Armenia’s parliamentary elections were held on June 7, with preliminary tallies from all 2,005 polling stations indicating that Prime Minister Nikol Pashinyan’s Civil Contract party is in the lead with 49.825% of the vote.

The Strong Armenia bloc, headed by businessman Samvel Karapetyan, came in second place, securing 23.281%. Former President Robert Kocharyan’s Armenia Alliance followed with 9.934%.

The Prosperous Armenia party, led by Gagik Tsarukyan, obtained 3.996% and did not surpass the threshold needed to enter parliament. Voter turnout was recorded at 58.97% across the country.

By Jeyhun Aghazada