Andrey Shirokov: At present, the activities of the EFSR Project Unit  in Armenia are aimed at identifying key areas and tools for further  cooperation

ArmInfo. Currently, the activities of the Project Unit of the Eurasian Fund for Stabilization and Development (EFSD) in Armenia are aimed at identifying key areas  and tools for further cooperation in the absence of a request from  the authorities for a new budget support program.

This was announced on the sidelines of the 14th international  conference "Eurasian Economic Integration" by Andrey Shirokov,  Executive Director of the Project Unit of the Eurasian Stabilization  and Development Fund. He recalled that the agreement on the provision  of an EFSD financial loan in the amount of $ 300 million in three  equal tranches during 2015-2017 was signed in November 2015 against  the backdrop of a regional crisis that negatively affected the  economy and budget revenues of Armenia. Shirokov stated that the last  tranche of $ 100 million was issued to the RA in December 2017.

"The reform program supported by the EFSR loan was developed and  implemented in close coordination with development partners,  including the IMF (in terms of macroeconomic stabilization) and the  World Bank (structural reforms), the final report on the  implementation of which was reviewed by the Fund Council in early  2019 of the year. As a result of measures taken during the  implementation of the reform program of the country's authorities,  supported by a loan, the stated goals to strengthen Armenia's  resistance to external shocks were achieved, "he said.

At the same time, Shirokov is convinced that the adoption of the  country's first Tax Code, improving the practice of public  procurement, the introduction of more strategic approaches in  determining the budgetary needs of a number of sectors, have improved  the quality and effectiveness of public resources management.  "As a  result of the improvement of a number of methodological aspects of  tariff setting, the financial stability of the energy sector  increased, its investment attractiveness increased, and reforms to  further liberalize it were initiated. The implementation of the  reform package to improve the business environment also affected the  increase of the investment attractiveness of the country as a whole,  which is confirmed by increase of Armenia's position in the Doing  Business survey during the implementation of the program from 70.44  points to 72.51 points. The measures taken by the Central Bank of  Armenia to reduce financial dollarization and legislatively  strengthen the protection of depositors have increased confidence in  the country's banking system, "Shirokov summed up.