Monday, October 16 2017 11:39
Naira Badalian

Armenian Finance Minister in Washington held a series of meetings within the framework of the plenary meeting of the IMF and the World Bank

Armenian Finance Minister in Washington held a series of meetings  within the framework of the plenary meeting of the IMF and the World  Bank

ArmInfo. RA Minister of Finance  Vardan Aramyan took part in the plenary meeting of the International  Monetary Fund and the World Bank in Washington. WB Group Chairman Jim  Jong Kim and IMF Managing Director Christine Lagarde addressed the  meeting.

As reported by the press service of the Armenian Ministry of Finance,  Jim Yon Kim touched on global economic problems, noting the  importance of forming a single agenda for improving human life. He  also stressed the priorities of the World Bank, which include stable  and inclusive economic growth and maximum investment in human  capital.

Kristin Lagarde addressed the problems of eliminating inequality  among people, youth, climate change, corruption, etc. She called for  the unification of efforts of all countries in order to solve these  problems.

Within the framework of the annual meetings, Armenian Minister of  Finance Vardan Aramyan held discussions with representatives of VTB,  Bank of America Merrill Lynch, Citibank, Deutsche Bank, J.P.  Morgan  and the rating organization Moody's. Vardan Aramyan presented the  general budgetary situation in Armenia, budget planning mechanisms  and its main principles, as well as plans for implementing program  budgeting. The head of the Ministry of Finance also presented the  pace of economic development, influencing factors and forecasts.  During the meetings, the minister presented reforms in the tax  system, changes in the fiscal sphere, stressing that they are aimed  at ensuring stable economic growth in the long term. At the meeting  with Moody's representatives, the minister presented the latest  transformations in Armenia, noting the role of rating organizations  in attracting foreign investments.

The annual meetings of the World Bank Group and the International  Monetary Fund are to discuss issues such as the world economic  prospects, poverty eradication, economic development and the  effectiveness of the assistance provided. Within the framework of the  latter, seminars, regional briefings, press conferences and many  other events are also organized, aimed at the global economy,  international development and the world financial system.

To recall, the WB forecast  for GDP in Armenia is 2.7% with the  acceleration of the rate in 2018 to 3.1%, in 2019 - up to 3.4%.  According to the forecast of the EDB in 2017, the GDP of Armenia is  expected to grow by 2.9%, the Asian Development Bank - by 2.2%. Fitch  improved the forecast for GDP growth in Armenia in 2017 from the  previous 2.1% to the current 3.4% with an acceleration to 3.6% in  2018. 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, Armenia's GDP growth in 2017  will be 3.9-4.8%.

According to the National Statistical Service of Armenia, economic  activity in January-August 2017 increased by 5.5% per annum, against  growth of 2.4% over the same period in 2016. The acceleration of  growth was mainly triggered by industry (12.4%), services (12.4%) and  trade (12.3%). Foreign trade turnover in this period increased by  24.4% per annum, due to the growth of exports by 21.7% and imports -  by 26%. In 2016, Armenia's GDP growth slowed to 0.2% from 3.2% in  2015, while deflation of the demand reached 1.1% in 2016, from 0.1%  in 2015.

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