Friday, May 25 2018 18:56
Alina Hovhannisyan

IMF hopes for effective work with the new government team on the issue of economic reforms in Armenia

IMF hopes for effective work with the new government team on the  issue of economic reforms in Armenia

ArmInfo. "I hope that together  with the newly appointed government, the IMF will be able to  effectively promote economic reforms in Armenia," Yulia Ustyugova,  IMF permanent representative to Armenia, said today during a meeting  with RA Deputy Prime Minister Mher Grigoryan. As the press service of  the government reports, during the meeting Ustyugova presented the  progress of the programs implemented by the Fund in Armenia and the  planned further steps.

M. Grigoryan highly appreciated the implementation of joint programs  with the IMF, and provided assistance over many years. "Armenia is  ready to strengthen and develop cooperation with the IMF more  actively," the Vice Premier stressed.

As ArmInfo was informed earlier in the Armenian office of the IMF,  the fund is aimed at stimulating a higher inclusive growth of the  Armenian economy. "A possible new program, implemented with the  support of the IMF, will help the government achieve the vision of  Armenia to become a diversified economy with an average income  level," the head of the IMF mission for Armenia Hossein Samiyey noted  in March. He stated, in particular, that "the IMF team welcomes the  intention of the Armenian government to implement a comprehensive  reform program supported by the development program for 2017-22.">

Will the IMF's program plans be revised in connection with the  exchange of government, is not reported.

Armenia became a member of the International Monetary Fund (IMF) on  April 28, 1992. According to the agreement signed in 2009 with the  aim of mitigating the impact of the global economic crisis, the IMF  provided Armenia with a loan of 127.6 million SDR (Special Drawing  Rights) within the framework of the Stand-byArangement program, and  later, under the "Long-Term Credit Instrument" (Extended Credit  Facility (ECF)), based on the agreements between the government of RA  and the IMF for 2010 and 2012.  the government of the Republic of  Armenia was granted a loan totaling 101.8 million SDR.

The IMF provided program assistance to the country under the  "Long-Term Financing" (EFF) program from 2014 to 2017. The program,  valued at 82.21 million SDR or $ 111.57 million, was approved on  March 7, 2014. The goal of the program is to assist the country's  economy by supporting the balance of payments, as well as the  macroeconomic policy agreed with the Armenian authorities. On  December 9, 2016, the IMF Executive Board completed the fourth final  audit of the implementation of the EFF program in Armenia, according  to which the fund approved financing to the country in the amount of  15.65 million SDR or $ 21.24 million. Thus, as noted in the IMF  report, of this program, the total amount of appropriations was  brought to 66.52 million SDR or about $ 90.28 million.

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