The IMF does not does not pressure Armenain authorities regarding pension reform, told Mark Horton, IMF mission chief to Armenia, briefing the media on the conclusion of the mission’s working visit.

He mentioned that the reform had been designed in a period of over 5 years, and had reflected the Government’s considerations on the welfare of future retirees. “The objectives of the government have been clearly articulated for the public. This was preceded by a consultative process outside Armenia, as for retirement planning practices of other countries. And there were complicate trade-offs designing the reform, to ensure its sustainability”, he told. The authorities also consulted the leading international agencies - the World Bank and the USAID.

“So in our mind it is a well-considered and a well-designed reform. Of course, it affects some strata of the population, there are points that are easy to accept, and other ones that are not. On the whole, we think it has struck a good balance”, Horton told.

He chose not to speculate on the decision of the Constitutional court, due on March 28, on the compliance of the reform to the Constitution. In case the reform is considered anti-constitutional, it will be important to clarify the ways to stick to the objectives underlying the reform, i.e. to reduce poverty and establish a sound system of personal finance.