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A reduction in interest rates and a strong rebound in the agricultural sector also helped GDP growth reach 7.5 percent in Armenia, IMF said in its forecast on Regional Economic Outlook for the Caucasus and Central Asia.

According to the forecast, growth in the region was stronger than expected in 2017, but will moderate going forward.

The reports says some progress in enhancing regulation and supervision, improving bank resolution frameworks, and strengthening governance has been made in several countries, including Armenia and Georgia.

“Armenia’s efforts to enact a new public-private partnership law aligned with international best practices and to strengthen the role of its Finance Ministry’s Fiscal Risks Assessment Division are positive steps,” the report says.

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