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Armenia's Economic Growth Robust Yet Not Diversified - IMF

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  • Armenia's Economic Growth Robust Yet Not Diversified - IMF

    ARMENIA'S ECONOMIC GROWTH ROBUST YET NOT DIVERSIFIED - IMF

    July 02, 2013 | 21:54

    Armenia's economic growth is robust, although not diversified,
    according to the sixth and final country review under EFF/ECF credit
    program by the IMF Executive Board, Armenian News-NEWS.am reports.

    Generally, economic policies of Armenia have delivered on the
    objectives of the Fund's program.

    The completion of the review allows the authorities to draw an
    additional SDR 55 million (about $84 million), bringing the whole
    disbursements to the planned SDR 266.8 million ($407.2 million),
    approved in June 2010.

    In line with the adopted policies, Armenia reached 4.7% growth in
    2011, 7.2% in 2012, and stays strong in 2013. Inflation has remained
    below the Central Bank's 4 percent target. Fiscal deficit has been
    reduced over the past three years, which has included substantial
    tax revenue increases.

    The Central Bank of Armenia has permitted greater flexibility of the
    national currency, Armenian dram, over the past year, rebuilt reserves
    following sizeable intervention in May-June 2012, and strengthened the
    monetary framework and operations. The CBA has also moved decisively
    to implement Financial Sector Assessment Program and IMF technical
    assistance recommendations. Banking sector indicators remain sound.

    At the same time, significant challenges and vulnerabilities remain.

    Robust growth has resumed, but has reflected in part rapid growth of
    credit and consumption, favorable weather, and high metals prices.

    More progress is needed to continue the external adjustment, reduce
    poverty, and enhance the business climate. Implementation of the
    authorities' stated policy plans should help, the IMF experts stated.

    News from Armenia - NEWS.am

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