Tuesday, February 21 2017 18:27
Naira Badalian

Vardan Aramyan and IMF representative discussed the current macroeconomic situation in Armenia

Vardan Aramyan and IMF representative discussed the current  macroeconomic situation in Armenia

ArmInfo. On February 21st,  Armenian Minister of Finance Vardan Aramyan received the Deputy  Executive Director of the International Monetary Fund (IMF) in  Armenia Richard Durnbush who is in Armenia on a regional visit.

As the Ministry's press servide told ArmInfo, Vardan Aramyan  presented the main issues of cooperation with the IMF, particularly,  the issues of the current macroeconomic situation, the main  indicators, deficits and level of planned activities to maintain it  on a prescribed level. During the meeting the sides also discussed  other issues on the current agenda of cooperation of Armenia-IMF.

To note, on December 9, the Executive Board of the International  Monetary Fund (IMF) completed the fourth final check of the "Long  term financing" program (the EFF) in Armenia, as a result of which  the Fund approved financing of the state in the amount of 15.65  million. SDR (Special Drawing Rights) or about $ 21.24 million. Thus,  as the IMF statement reads, the total allocation increased to  66.520.000 SDR, or about $90.28 million. According to the source, the  program worth $82,210,000 SDR or $111, 57 mln was approved on March  7, 2014.

Summarizing the final inspection, the Executive Board also approved  the request of the Armenian government to change the criterion of  budgetary balance at the end of December 2016. Revenue shortfall by  line was caused mainly by external factors. Higher capital  expenditures, which are carried out by external financing on  concessional terms, primarily reflect the overcoming of past  underperformance, providing specific countercyclical assistance.

To note, according to the IMF forecast, Armenia's GDP growth will  reach 3.4% in 2017, against the predicted 3.2% for 2016 (previously  forecasted 2,25-2,5%). According to the state budget of Armenia,  economic growth in 2017 is planned at 3.2% of nominal GDP growth -  within 5%, while the index-deflator by 1.7% (vs. 2.4% in 2016), the  deficit of 150.1 billion AMD. The profitable part of the state budget  of Armenia in 2017 will increase to $ 1 trillion. 210billion AMD,  expenses will decline to 1trillion 360 billion AMD, the ratio of  revenues/GDP is 22.4% (compared to revenues/GDP 21.8% in 2016).


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