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  • PM meets IMF resident representative

    PM MEETS IMF RESIDENT REPRESENTATIVE

    ArmenPress
    June 3 2004

    YEREVAN, JUNE 3, ARMENPRESS: Prime minister Andranik Margarian received
    today James McHugh, IMF resident representative, who briefed him on
    a recent meeting of IMF Board of Directors and discussed also future
    cooperation plans between the lending organization and Armenian
    government.

    McHugh was quoted by the government press office as saying that he
    was happy to inform the prime minister about the growing confidence
    of the IMF in Armenia. "IMF Board of Directors is pleased with the
    ongoing economic progress of your country," he was quoted as saying.

    McHugh said IMF is completing its current program in Armenia in
    June. After reviewing the fulfilled work in September, the Board
    of Directors will consider release of a new aid, he said. McHugh
    said the successful accomplishment of previous programs inspires
    hopes that the current one will also be a success. Other economic
    development-related issues were discussed during the meeting.

    According to deputy finance and economy minister, Atom Janjukhazian,
    Armenia's foreign debt as of December 31, 2003 stood at almost $1.1
    billion, constituting 39.3 percent of the GDP. Around $875 million
    were the government's direct credit liabilities, $214.6 million were
    credit liabilities of the Central Bank and $73 million were credit
    guarantees of the government.

    Armenia paid last year around $141 million to service its foreign debt.

    From: Emil Lazarian | Ararat NewsPress
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