Friday, March 31 2017 11:20

ArmInfo. Vardan Aramyan, the Minister of Finance of Armenia, on March 30 received the delegation of  International Monetary Fund ( IMF is a  specialized entity of UN) According to the press office of the Ministry of Finance, the meeting was aimed at the final summarization of the EEF program in Armenia.

Parties discussed the economic situation in Armenia, particularly the issues related to the settlement of the foreign debt, which is the basic for the sustainability of the foreign debt level and economic growth securing," the  Ministry of Finance statement reads

To remind, the Executive Board  of the International Monetary Fund (IMF) completed the fourth review  of Armenia's performance under a three-year arrangement under the  Extended Fund Facility (EFF), the official website of IMF reports.  The completion enables the release of SDR 15.65 million (about US$21.24 million), bringing total disbursements under the arrangement  to SDR 66.52 million (about US$90.28 million). The extended  arrangement for SDR 82.21 million (about US$111.57 million) was approved on March 7, 2014.

In completing the review, the Executive Board also approved the authorities' request for a modification of the end-December 2016 fiscal balance performance criterion. The revenue shortfall has been mainly due to exogenous factors, and the higher capital expenditure, which is externally financed at concessional terms, in large part reflects a catch-up of past under-execution and provides some counter-cyclical support.

Following the Executive Board's discussion on Armenia, Mr. David Lipton, First Deputy Managing Director and Acting Chair, said:

"Program performance has been broadly satisfactory despite continued adverse external developments that have contributed to subdued domestic demand, weak revenues, and deflationary conditions. Looking forward, the outlook remains challenging, calling for sustained policy efforts to secure macroeconomic and financial stability and to foster sustainable and inclusive growth.