ArmInfo. On December 13 Prime Minister Nikol Pashinyan received newly appointed Head of International Monetary Fund (IMF) Mission in Armenia Nathan Porter. The meeting was attended by IMF Resident Representative Yulia Ustyugova.
As the press service of the Prime Minister informs, congratulating Nathan Porter on assuming office, the Prime Minister appreciated the ongoing cooperation with the IMF and the Fund's continued assistance to the Government's economic agenda. Coming to the economic situation in Armenia, Nikol Pashinyan noted that more than 7% economic growth is expected this year (against 4.9% set in the budget-ed. note), which makes him feel confident and optimistic about next year's economic performance that will help the Government implement its ambitious programs. With reference to the effective implementation of the ongoing institutional reform, capital investment, and public procurement reform, the Head of Government stressed the importance of interaction with international partners, including the IMF.
Nathan Porter said Armenia and the IMF have built up a strong mutually beneficial framework of partnership, and he stands ready to further strengthen it. Welcoming the reforms underway in Armenia, Mr. Porter assured that the IMF will continue to back the Government with its development agenda.
The interlocutors exchanged views on the cooperation agenda, the ongoing joint programs and the educational reform, with a focus on capacity development and future actions.
To recall, Armenia became a member of the International Monetary Fund (IMF) on April 28, 1992. During this period, the country has repeatedly appealed to the IMF for financial and technical support, and the organization has provided consistent assistance to the country's economy through support of the balance of payments, as well as macroeconomic policies agreed with the Armenian authorities. The last assistance under the Extended Fund Facility (EFF) was provided from 2014 to 2017. During the April 2017 visit to Armenia, the head of the IMF mission to Armenia, Hossein Samiei, stated that the agreements reached with the Armenian government 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 loans have been provided since 1952 to IMF member countries for goals agreed upon with the Fund on the basis of stand-by agreements. These loan funds will be considered as a preventive measure and will not be used until there are problems with the balance of payments due to shocks