RTTNews - The International Monetary Fund's Executive Board on Monday approved an increase in the IMF's financial support to Armenia.

The IMF increased its loan to $822.7 million from $540 million approved in March. The decision enables immediate disbursement of $158.3 million.

The Board also granted a waiver of performance criteria on net banking system credit to the government and the programme's fiscal balance.

The revised arrangement will support the government's economic program amid a sharper-than-expected impact from the global financial crisis, the IMF said in a statement.

The international lender said the key objectives of the programme are to help Armenia adjust to the external shock, maintain confidence in the currency and the financial system and protect the poor.

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