YEREVAN. – The macroeconomic assessments of Armenia are good. There are very few countries that have high economic growth and low inflation, and which were able to cut the budget deficit, the International Monetary Fund (IMF) Resident Representative in Armenia, Guillermo Tolosa, stated during a press conference on Tuesday.  

“Armenia’s economic conditions are better than the [snowy] weather conditions [outside],” the IMF official joked. But he added that there still are obstacles that are placed before conducting business in the country. 

Tolosa informed that the IMF Executive Board approved the decision on providing Armenia a close to $52 million loan within the framework of the Extended Fund Facility (EFF) and the Exogenous Shocks Facility (ESF) programs. The total funding is $408 million, whose $325 million is already allocated.

Guillermo Tolosa noted that Armenia has a reasonable and manageable state debt, and considerable efforts will not be required to maintain the country’s budget deficit at around 2.6 percent of the GDP.