IMF: ARMENIAN ECONOMY IS GRADUALLY REVIVING
Hasmik Dilanyan

"Radiolur"
19.05.2010 18:37

"Although the situation is hard, the Armenian economy is gradually
reviving," Head of IMF Mission in Armenia Mark Lewis told a press
conference today.

Armenia may receive $52mln from IMF for improvement of business
climate, he said. The Mission of the Fund has reached agreements
with authorities of Armenia on realizing a three-year program -
"Extended Fund Facility" (EFF) and "Extended Credit Facility" (ECF).

Based on the agreements, IMF Board of Directors will hold discussions
in late June and in case of approval, Armenia may receive additional
credit means at the volume of $52mln.

"The new EFF/ECF program will allow Armenia overcoming medium-term
challenges, and this will contribute to maintaining speeds of economic
revival, strengthening payment balance and will lead to progress in
reducing poverty", Mark Lewis stated.

He noted that the program provides for continuing reforms on improving
tax administration, directed at defending the rights of taxpayers
and improving the business climate. "Tax-budget policy will continue
assisting economic activity, however simultaneously with stabilization
of economy revival speeds, budget deficit will be gradually decreased,
aiming at preserving stability of the state debt," Mark Lewis stated,
expressing confidence that Armenia would manage to fully fulfill its
state debt.

He noted that maintenance of a low level of inflation will remain
one of the basic goals of Armenia's monetary-credit policy, adding
that following the forecasts of IMF, inflation in Armenia this year
will be within the limit of 6%.

Mark Lewis also said the IMF predicts a 4% GDP growth in Armenia this.