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New IMF Program Envisages Reduction Of Armenia's Financing

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  • New IMF Program Envisages Reduction Of Armenia's Financing

    NEW IMF PROGRAM ENVISAGES REDUCTION OF ARMENIA'S FINANCING

    Noyan Tapan
    http://www.nt.am/news.php?shownews=117480
    Se p 16, 2008

    YEREVAN, SEPTEMBER 16, NOYAN TAPAN. Based on the progress made in the
    socioeconomic sphere so far, less financing will be provided to Armenia
    by a new program of the International Monetary Fund (IMF) as compared
    with the previous programs, the head of the IMF mission to Armenia
    Marta Castello-Branco announced at the September 16 press conference.

    In her words, under the previous three-year program of IMF that
    finished in May 2008, Armenia achieved a two-digit economic growth,
    a one-digit inflation and considerable poverty reduction. She said
    that the new IMF program envisages providing assistance to Armenia
    for improving administration and implementing tax policy reforms. The
    purpose of the program is to make the fiscal policy a most efficient
    instrument of demand management, strengthening the coordination of
    work of the bodies dealing with fiscal and monetary-credit policies.

    M. Castello-Branco announced the results of IMF studies on Armenia,
    based on which Armenia ensured a stable GDP growth but inflation
    pressures remain considerable. It was mentioned that so far the
    conflict between Georgia and Russia has not had a negative impact
    on the prospect of Armenia's economic growth, and if the tension
    is reduced, it will be possible to ensure 10% real growth. It is
    expected that by late 2008 inflation will make 7.5% due to tightened
    monetary-credit and fiscal policies, and the recent decline in
    international food and fuel prices. According to IMF studies, the
    sustainable economic growth will continue, while inflation will be
    within the 4% target of the Central Bank of Armenia (CBA) within the
    next few years.
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