Wednesday, June 21 2017 12:14
Naira Badalian

Head of Ministry of Economic Development and Investment of Armenia noted readiness for deepening cooperation with the IMF

Head of Ministry of Economic Development and Investment of Armenia  noted readiness for deepening cooperation with the IMF

ArmInfo. Armenian Minister of Economy and  Investments Suren Karayan and IMF representatives discussed further  directions of cooperation.  According to Armenian Economy and  Investments Ministry press service, during the meeting, the Permanent  Representative of IMF to Armenia Teresa Daban Sanchez introduced  Julia Ustyugova, who will replace her in this post in 2 months.  Ustyugova shared her expectations about her activities in Armenia.

In his turn, Minister Karayan noted readiness for deepening  cooperation with the IMF. "Directions on which the International  currency fund cooperates with Armenia, has a direct impact on the  economy of the country: fiscal, monetary policy, improving the  business environment, and others. I am interested in our cooperation  would be closer, "- said the Minister.

Suren Karayan also greeted Yulia Ustyugova and expressed confidence  that effective cooperation will develop between IMF and Armenia.

IMF representatives asked the Minister about the economic aspects of  the new program of the Armenian Government. Karayan presented to them  the main economic goals and tasks that underlie the program.

The Republic of Armenia became a member of the International Monetary  Fund on April 28, 1992, according to the Armenian Law "On Armenia's  accession to the International Monetary Fund, the International Bank  of Reconstruction and Development, the International Finance  Corporation, the International Development Association, the European  Bank for Reconstruction and Development, Multilateral Investment  Guarantee Agency, and International Centre for Settlement of  Investment Disputes". To mitigate the impact of the global economic  crisis, the IMF provided a loan in the amount of SDR 127.6 million in  the framework of Stand-by Arrangement program (Agreement signed  between Armenia and WB in 2009), and later on, IMF provided a loan in  the amount of SDR 101.8 million to the Government of the Republic of  Armenia in the framework of the Extended Credit Facility program  (Agreements signed between the RA and the IMF in 2010 and 2012).  Currently, Armenia continues its effective cooperation with the  International Monetary Fund.

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