ArmInfo. Beginning in August of this year, the IMF Resident Representative in Armenia will rotate, with Natalya Novta taking over as Resident Representative. As reported by the RA Government Press Service, the new IMF Resident Representative was introduced to Deputy Prime Minister Mher Grigoryan during a meeting with current Resident Representative Umang Ravat.
During the meeting, the parties discussed measures being implemented under the IMF's Standby Financing Facility. They also exchanged views on tax policy and regional development.
The Deputy Prime Minister congratulated Natalya Novta on her appointment and wished her fruitful work in this responsible position.
It should be noted that on April 18, 2020, The Central Bank of Armenia announced that it has agreed with the IMF on the results of the first review of the three-year Standby Arrangement, which Armenia continues to view as a precautionary instrument aimed at maintaining macroeconomic stability and ensuring sustainable economic growth. The Central Bank emphasized that the IMF prioritizes maintaining macroeconomic stability in Armenia through a combination of prudent fiscal and monetary policies. At the same time, the IMF emphasizes the importance of further strengthening prudential oversight, regulation, and supervision of the financial sector, as well as preparedness to respond to evolving risks associated with external uncertainty. These efforts are aimed at supporting sustainable economic growth while enhancing resilience to inflationary pressures, tightening global financial conditions, and regional geopolitical shocks.
The agreement is subject to approval by the IMF Executive Board, after which an additional $25.3 million will be made available to Armenia. The program will continue reforms aimed at strengthening economic stability and promoting long-term growth.
