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Interfax, Russia
Sept 28 2012
IMF improves 2012 Armenia GDP growth forecast to 6.2% from 3.8%
YEREVAN. Sept 28
The International Monetary Fund (IMF) has improved its forecast for
GDP growth in Armenia this year to 6.2% from the 3.8% it was expecting
in March.
The forecast review was done based on the results of the fifth review
of the fulfillment by the republic of credit agreements, a statement
from the IMF's Yerevan offices.
IMF mission chief Mark Horton said, who is cited by the offices' press
service, said the macroeconomic figures in the country continue to
improve. The greater GDP growth, the IMF said, is associated growth in
the mining industry, in the services sphere, and a good harvest.
Expectations are that the economy will grow 4.3% in 2013.
Horton said that inflation maintains a modest pace - within the
Central Bank's allowable range for 2012-2013 of 4% plus or minus 1.5%.
The country's budget deficit this year, the IMF thinks, will be 2% of
GDP, 2.6% next year. The Central Bank continues to adhere to targeted
inflation and a floating exchange rate. But the Fund sees a slow rate
of structural transformation and the need for the creation of equal
conditions for all business.
The mission did a fifth review of the Extended Fund Facility/Extended
Credit Facility (EFF/ECF) September 5-18.
The three-year EFF/ECF program for Armenia (266.8 million SDR, or
$413.4 million) was confirmed in June of 2010, when the first tranche
of 36.2 million SDR ($53.6 million) was released. The IMF will meet on
the extension of the next tranche in December. If it votes in favor,
Armenia will receive $52 million, and overall borrowing in the context
the program will be $327 million.
Cf
Sept 28 2012
IMF improves 2012 Armenia GDP growth forecast to 6.2% from 3.8%
YEREVAN. Sept 28
The International Monetary Fund (IMF) has improved its forecast for
GDP growth in Armenia this year to 6.2% from the 3.8% it was expecting
in March.
The forecast review was done based on the results of the fifth review
of the fulfillment by the republic of credit agreements, a statement
from the IMF's Yerevan offices.
IMF mission chief Mark Horton said, who is cited by the offices' press
service, said the macroeconomic figures in the country continue to
improve. The greater GDP growth, the IMF said, is associated growth in
the mining industry, in the services sphere, and a good harvest.
Expectations are that the economy will grow 4.3% in 2013.
Horton said that inflation maintains a modest pace - within the
Central Bank's allowable range for 2012-2013 of 4% plus or minus 1.5%.
The country's budget deficit this year, the IMF thinks, will be 2% of
GDP, 2.6% next year. The Central Bank continues to adhere to targeted
inflation and a floating exchange rate. But the Fund sees a slow rate
of structural transformation and the need for the creation of equal
conditions for all business.
The mission did a fifth review of the Extended Fund Facility/Extended
Credit Facility (EFF/ECF) September 5-18.
The three-year EFF/ECF program for Armenia (266.8 million SDR, or
$413.4 million) was confirmed in June of 2010, when the first tranche
of 36.2 million SDR ($53.6 million) was released. The IMF will meet on
the extension of the next tranche in December. If it votes in favor,
Armenia will receive $52 million, and overall borrowing in the context
the program will be $327 million.
Cf