ArmInfo. Armenia suffered severe shocks, but was able to come out of the situation with honor due to the presence of buffer and flexibility of the Central Bank's policy. This opinion was expressed on 4 July at a conference in Yerevan by the representative of the IMF Teresa Daban Sanchez, explaining that this shock was massive and long lasting almost 40%, as a result of which transfers reduced by almost 40%, revenues fell by 20%, tax revenues fell to the budget, something close to collapse was observed.
"Armenia managed to avoid a stronger impact from the shocks than it could be, and this is due to the stability of the banking system, the flexible policy of the Central Bank, all measures of macroprudential regulation, the uncyclical reaction of the budget. And all this was done in a difficult situation when the tax code was just approved, which made the process more complicated, but Armenia was able to avoid the stronger influence that countries with a small market tend to feel, but I would like to specifically note one task - the national debt in terms of long-term and repayment schedule looks good, but the size and the impressive growth trends are not encouraging, and I believe that we need to take steps to reduce it," said the IMF representative in Armenia.
According to statistical data, Armenia's national debt reached $ 6.1 billion by June 2017, of which external debt is $ 4.9 billion, and domestic debt is $ 1.2 billion. In the annual state debt of Armenia increased by 15.1%, including foreign debt - by11.4%, while the domestic one - by 50%. In 2016, Armenia's national debt grew by17% due to the growth of external debt by 11% and domestic - by 49%.
To note, according to the IMF forecast, Armenia's GDP growth in 2017 will be 2.9%. The state budget of Armenia for 2017 laid the GDP growth by 3.2%, but the government voiced a 5% growth. According to the updated forecast of the Central Bank of Armenia, the GDP growth of Armenia in 2017 will be 3.2-4.4%.