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January 25
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The Executive Board of the International Monetary Fund (IMF) on Monday finished its fourth review of Armenia’s economic performance under a program supported by Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, IMF Yerevan Office reports.

The decision gives the Armenian Government an opportunity to include additional $50.7 million.

The report reads that the medium-term is assessed positive for this year, but not without risks, which emerge in Europe and influence on Armenia via Russia. Economic growth was up to 4.6 percent last year, but it is expected to moderate to just below 4 percent this year.

The last year fiscal deficit was below program targets, reflecting restrained expenses. The deficit is likely to be moderately higher this year, but still in line with the program. The external current account deficit has reduced significantly, due to the fiscal adjustment, but remains high. The authorities intend to implement further steps on business environment, tax and pension reforms.

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