Tuesday, December 10 2019 15:49
Naira Badalian

Armenian Finance Minister and IMF Head of Armenian Mission touch on  prospects for expanding cooperation

Armenian Finance Minister and IMF Head of Armenian Mission touch on  prospects for expanding cooperation

ArmInfo. On December 10, Armenian Minister of Finance Atom Dzhandzhugazyan received a delegation led by the head of the Armenian mission of the  International Monetary Fund (IMF) Nathan Porter.

According to the press service of the Ministry of Finance, during the  meeting, the parties touched on the prospects for expanding  cooperation and ways of further cooperation. They discussed the  possibility of developing industry strategies, as well as priorities  based on their harmonization.  Atom Dzhandzhugazyan presented a  number of indicators and forecasts of the RA state budget for 2020.   According to the Minister, the document was compiled on the basis of  the results of the state budget for the current year.

The head of the Ministry of Finance also addressed the management of  fiscal risks, attracting investments by ensuring fiscal transparency  and accountability, managing public debt and capital market  development strategies.

Chief Financier emphasized the importance of programs jointly with  the IMF and assisting the Fund in capacity development.

Recall that Armenia became a member of the International Monetary  Fund (IMF) April 28, 1992. During this period, the country has  repeatedly applied for financial and technical support to the IMF,  and the organization provided consistent assistance to the country's  economy by supporting the balance of payments, as well as  macroeconomic policies agreed with the Armenian authorities.

The last programmatic assistance under the "Long-Term Financing"  (EFF) was provided from 2014 to 2017. During the April 2017 visit to  Armenia, the head of the IMF mission in Armenia, Hossein Samiei,  stated that the agreements reached with the Armenian government as a  result of the last generalization were, in fact, fulfilled. Since  then, the Armenian authorities have consistently stated their desire  to continue cooperation with the IMF in order to ensure the  continuity of programs to reform the country's economy.  In May 2019,  the IMF approved the provision of Stand-by loans to Armenia in the  amount of about $ 248.2 million. Stand-by credit has been provided  since 1952 to IMF member countries for goals agreed upon with the  fund on the basis of stand-by agreements. The bank reserves the  agreed amount by the due date, and the client uses it partially or  fully depending on the loan needs.

As the Central Bank press service told ArmInfo, the Armenian  authorities stated that these loans will be considered as a  preventive measure and will not be used until problems with the  balance of payments arise due to shocks.  In particular, the  Executive Council of the International Monetary Fund approved the  provision of 180 million SDR for Armenia for 36 months (SDR - special  drawing rights) - this is about $ 248.2 million or about 139.75% of  Armenia's quota in the IMF. The Council approved that 25.714 million  SDRs (equivalent to almost $ 35.5 million) are provided to Armenia  immediately, and the remaining amount will be provided based on six  semi-annual estimates.

According to the source, credit funds will be directed to  strengthening the economic foundations and policies of Armenia, as  well as to carrying out structural reforms, in particular, to  increase management efficiency and improve the business environment. 

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