YEREVAN. – The Partners for Financial Stability (PFS) Program of the United States Agency for International Development (USAID) on Tuesday marked the successful end of this program in Armenia.

The PFS was a three-year regional initiative whose objective was to confront the global financial crisis in recent years and to promote the financial sector’s stability and development in twelve partner countries—including Armenia—in Europe and in Eurasia. 

In the past three years, the PFS collaborated in Armenia to improve the procedures that curtail the competitiveness of enterprises in the country. The program also helped in researching and testing innovative solutions aimed at the financial sector. The PFS also worked toward renewing the financial reporting standards and founding an online library. In addition, the program contributed to the discourse between state and private partners.   

The aforesaid event brought together USAID/Armenia Mission Director Karen Hilliard, senior officials from the interim Government and the Central Bank of Armenia, representatives from the private sector, professional associations and other donor organizations, and members of the international financial institutions. 

The Partners for Financial Stability/Armenia coordinator presented the program’s accomplishments, the lessons learned, and the key financial challenges that obstruct the competitiveness of enterprises in the country.