EDB: Armenian authorities decide to refuse new borrowings aimed at  supporting current budget expenditures

ArmInfo. As part of the  ongoing fiscal consolidation process, supported by the requirements  of the fiscal rule and aimed at improving debt sustainability, the  Armenian authorities decided to refuse new borrowings to support  current budget expenditures starting in 2020.

 Considering this fact, as well as the ongoing cooperation of the EFSD with the Republic of Armenia regarding investment projects, it was agreed to continue  consultations regarding the most promising tools for further  cooperation between the parties. This is stated in a statement issued  today by the Eurasian Development Bank (EDB) following the results of  the monitoring mission of the project department of the Eurasian Fund  for Stabilization and Development (EFSD), which visited Armenia on  September 25-27, 2019.

According to the report, the main purpose of the visit was to monitor  the macroeconomic situation and progress in the reforms supported by  the EFSD financial loan submitted to Armenia in 2015-2017 (in the  amount of $ 100 million - Ed. note).

During the mission, meetings were held with heads and experts of the  Ministry of Finance, the Ministry of Economy and the Central Bank of  the Republic of Armenia. In addition, the team met with heads of  representative offices and experts from international donors,  including the International Monetary Fund, the World Bank and the  Asian Development Bank, with the aim of discussing the most important  areas of reform in the Republic of Armenia. According to the results  of the consultations, it was noted that the steady pace of the  current economic development of Armenia and favorable forecasts for  the medium term are supported by the reforms of the authorities to  create a more competitive, transparent and fair investment  environment that will help expand the base for economic growth.