Armenia`s minister of economy hosts IMF delegation 

ArmInfo. Minister of Economy Gevorg Papoyan received the delegation of the International Monetary Fund (IMF) led by Umang Rawat, IMF Resident Representative in Armenia.

During the meeting, the parties discussed a wide range of issues of  mutual interest, in particular, they touched upon the vision of the  export strategy, the foundations of state policy in the field of  corporate governance, and effective investment management. A separate  topic of discussion was the creation of industrial zones and  logistics centers in Armenia in accordance with international  standards.

They pointed out the need to exchange experience and knowledge, which  will contribute to the formation of economic policy and strengthening  the management system in Armenia.

According to the press service of the Ministry of Economy, Gevorg  Papoyan attached importance to cooperation with the IMF and presented  the guest with the current state of the economy and the steps being  taken.

Today the Government of Armenia has agreed to increase the RA quota  based on the 16th General Review of Quotas adopted by the Board of  Governors of the International Monetary Fund (IMF).

In particular, on December 15, 2023, the IMF Board of Governors  completed the 16th General Review of Quotas and approved an increase  in the quotas of IMF member countries by 50% (238.6 billion SDRs  (Special Drawing Rights), or US$320 billion), bringing the total  quotas to SDR 715.7 billion (US$960 billion).

Currently, the quota of the Republic of Armenia in the IMF is SDR  128.8 million, which is 0.03% of the total IMF quota, according to  which the Republic of Armenia has 0.05% of the votes in the IMF Board  of Governors. As a result of the 16th review of IMF quotas, the quota  of the Republic of Armenia is also proposed to be increased by 50% to  193.2 million SDRs. The quota will be paid from the Central Bank.   Recall that according to the November forecast, the IMF expected  Armenia's GDP growth to slow down to 6% in 2024, slowing down to 4.9%  in 2025.