The International Monetary Fund (IMF) will support the Armenian government's economic program “to achieve investment-driven, knowledge-based, and export-led growth, while preserving macroeconomic, fiscal, and financial stability and reducing poverty.”

The IMF informs that it reached an agreement with Armenia on signing a three-year precautionary Stand-By Arrangement which is still subject to the approval of the IMF Executive Board. The matter is expected to be discussed in December.

It is noted that at the request of the Armenian authorities, a staff team from the IMF, led by Iva Petrova, visited Yerevan from September 26 to October 6 to discuss a three-year economic program supported by an IMF precautionary Stand-By Arrangement .,

At the conclusion of the discussions held in Armenia, Petrova announced that Armenia and the IMF have reached an agreement on the agreement, which implies the allocation of about $165.6 million to Armenia to support the latter’s economic program aimed at ensuring macroeconomic, fiscal, and financial stability in the country.

The IMF has predicted that Armenia is on course to achieve an economic growth of about 11 percent in 2022, in part driven by large inflows of external income, capital, and labor into the country.

It is also noted that fiscal overperformance and the Armenian dram’s increase in value have contributed to a significant decline in public debt, which is expected to drop to 51 percent of GDP this year from 60.3 percent of GDP in 2021.

At the same time, the economic growth of Armenia is expected to decelerate in 2023 and to remain in the 4-5 percent range over the medium term.