The IMF will help Armenia improve its tax policy

ArmInfo. Armenian Finance Minister Vardan Aramyan , as part of  the annual meetings of the World Bank (WB) and the International Monetary Fund (IMF)in Washington,   took part in the discussion on the countries of Central Asia and the Caucasus. The discussion was  conducted by the Deputy Managing Director of the IMF Tao Zhang, the press service of the Armenian  Ministry of Finance reports.

The key issue for discussion was the challenges in the framework of fiscal policy, the instruments of  assistance offered by the United States, as well as the prospects for developing the capacities of the  responsible structures.

Vardan Aramyan presented the work of the department on improving the tax policy and fiscal rules at the  meeting, as well as the steps aimed at ensuring a stable level of Armenia's public debt. "During the meeting  with representatives of the Fiscal Affairs Department, ways were discussed to provide further assistance  from the US in the current revision of fiscal rules, and an agreement was reached to provide technical  assistance to the IMF in the area of improving the tax policy, in particular property tax," the Finance  Ministry information reads.

The head of the Ministry of Finance also took part in the meeting with Dutch Constituency. The sides  touched upon the report of the World Bank on education and teaching, the promotion of the agenda for  sustainable development until 2030, the new environmental and social policies. Work has been summed up  within the framework of the Constituency and it is stated that the next meeting will be held in Croatia.

The current annual meetings of the IMF and the World Bank in Washington started on October 12.  Participants in the person of finance ministers, heads of central banks, leading economists, professors,  business representatives from all over the world will discuss the challenges facing countries and the global  economy as a whole.

To recall, according to the IMF forecast, Armenia's GDP growth in 2017 will be 2.9%, according to the  WB forecast - 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%. Armenia's external debt by September  2017 exceeded the $ 5 billion (2.402 trillion drams) line, having increased by 11.6% in the annual section,  but only in January-August this year. - by 4.6%. The total state debt of Armenia in January-August 2017  increased by 6.8%, and in the annual section - by 14.5%, reaching $ 6.3 billion (2.99 trillion drams).