ArmInfo. The International Monetary Fund (IMF) has opened Armenia's access to a loan of approximately $24.4 million (SDR 18.4 million) under the Stand-by Agreement (SBA), bringing the total access amount to approximately $73.3 million (SDR 55.2 million).  also providing an improved forecast for Armenia's GDP growth for 2023 from the previous 5.5% to an updated 7%, with a slowdown in 2024 to 5% (as previously expected). In terms of inflation, the IMF points to its rapid decline in Armenia, and predicts a return to the target threshold of 4% by mid-2024 and stabilization near this level.

ArmInfo.The Central Bank of Armenia has once again improved its  GDP growth forecast for 2023 -  from the previous 7.2% to an updated 8.3%. At the same time, thechief bank revised its GDP expectations for 2024 - towards higher growth of 6.1% (against the previously forecasted 5.6%). Governor of the Central Bank of the Republic of Armenia Martin Galstyan stated on December 12 during a press conference regarding the next reduction in the refinancing rate from 9.5% to 9.25%.

ArmInfo. Armenia's gross international reserves (GIR) since October have fallen from their historical high of $4.2 billion in the previous two months. Thus, the GIR having decreased by 8.5% or $353 million in October 2023 (versus a 3% decline in October 2022), amounted to $3.813 billion. In parallel with this, a y-o-y growth slowed down - from 13.5% to 5% (or by $179.7 million in October 2023 compared to October 2022).

ArmInfo.Armenia's GDP in Jan-Sept 2023 slowed down in y-o- y growth from 21% to 12%, almost  returning to the rate of two years ago (11.1% in the same period of 2021). At current prices, the absolute value of GDP for 9 months of this year amounted to 6.5 trillion drams ($16.5 billion), against last year's 5.8 trillion drams ($14.2 billion). Of this amount, 40% or 2.6 trillion drams ($6.6 billion) were provided in Q3 2023, against 41.4% or 2.4 trillion drams in Q3 2022, according to the data of the RA Statistical Committee.

ArmInfo.The projects implemented in Armenia jointly with international partners are very  important in terms of their financial component, but the application of the best foreign standards in the country is more important. Deputy Prime Minister Mher Grigoryan announced on November 15 from  the rostrum of the RA National Assembly.

ArmInfo.An International Monetary Fund (IMF) team, led by Iva Petrova, visited Yerevan during September 13-25 to hold discussions with the Armenian authorities for the 2023 Article IV consultation and the second review under the Stand-By Arrangement (SBA) with Armenia.  At the conclusion of the discussions, Ms. Petrova issued the following statement:

ArmInfo. In 2023, Armenian economic growth is projected at 7.2%, and next year it will be 5.6%.  Governor of the Central Bank of the Republic of Armenia Martin Galstyan stated  on October 31 during a press conference.

ArmInfo. Prime Minister Nikol Pashinyan believes that the Armenian government is capable of managing crises and ensuring high economic growth. Pashinyan announced on October 12 at a government meeting.

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ArmInfo.Armenia's gross international reserves (GIR) accelerated in y-o-y growth for Jan-Aug  2023 from 12.6% to 16.5% (i.e. increased by $598 million) and updated a historical maximum at $4.219 billion (against previous maximum at $4.126 billion in July this year and $4.112 billion in December 2022), according to the data of the Central Bank of the Republic of Armenia.

ArmInfo. The European Bank for Reconstruction and Development (EBRD) has further improved its  GDP growth forecast for Armenia for 2023 from the previous 5% to an updated 6.5%, expecting a slowdown in 2024 to 4.5% (versus the previously announced retention at 5%). And this is the highest GDP  growth that the EBRD expects in 2023 for the Eastern Europe and Caucasus region. This forecast is given for 2023-2024, taking into account geopolitical events, which are an important source of risks  of slowing economic growth.

ArmInfo. As of August 31, 2023, Armenia's national debt totaled $11.387bln  - a 7% increase  this January-August (a $749.2mln increase), and a 5% or AMD 208.5bln increase. The period under review saw further AMD appreciation against the USD - AMD 480/$1 to AMD 385/$1.  

ArmInfo.On September 13, head of the Central Bank of the Republic of Armenia Martin Galstyan received the  delegation of the International Monetary Fund, headed by the head of the IMF mission in Armenia, Iva Petrova. This is noted in the message of the Central Bank of the Republic of Armenia, which states that  among the issues raised, the parties also discussed the introduction of new approaches to monetary policy.

ArmInfo. A delegation of the International Monetary Fund (IMF) led by Mr Jihad Azour, Director of the IMF Middle  East and Central Asia Department, and Ms Iva Petrova, IMF Mission Chief for Armenia, was on a visit to Armenia recently. In an interview with Mr Emmanuil Mkrtchyan, CEO, ArmInfo News Agency, Mr Jihad Azour said that the IMF delegation visited Armenia on the occasion of the 30th anniversary of the Armenian national currency  and foundation of the Central Bank of Armenia, landmarks in Armenia's history.

ArmInfo.Armenia's gross international reserves (GIR) accelerated the y-o-t growth in Jan-July  2022 from 15.2% to 16.3% (i.e. they increased by $580 million) and  reached a new record level of $4.126 billion (from the previous  all-time high of $4.112 billion in December 2022), according to the  data of the Central Bank of the Republic of Armenia.

ArmInfo.On September 1, 2023, Armenia's Vice-Premier Mher Grigoryan hosted a delegation of  the International Monetary Fund (IMF) led by Mr Jihad Azour, Director of the IMF Middle East and Central Asia Department. 

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ArmInfo.On Aug. 25, 2023, S&P Global Ratings raised its long-term foreign and local currency  sovereign credit ratings on Armenia to 'BB-' from 'B+' and affirmed its short-term foreign and local currency sovereign credit ratings at 'B'. The outlook is stable.  

ArmInfo.As of this July, Armenia's gross international reserves (GIR) totaled $3.909 bln - an  annual growth from 10.8% to 13.33% or up by $458.6 mln. Thus,  Armenia's GIR has neared their historical maximum. The share of  external convertible currency assets in Armenia's GIR is $3.898bln,  that of SDR at the IMF is $8.9 mln.

ArmInfo.Fitch Ratings has upgraded Armenia's Long-Term Foreign-Currency Issuer Default Rating  (IDR) to 'BB-' from 'B+'. The Outlook is Stable. This is stated in the message of the agency.