YEREVAN. – Armenia’s PM Tigran Sargsyan, who is also Chairman of the Board of Trustees of the National Competitiveness Foundation of Armenia, moderated the Board’s regular session which was held at the Government.

First, the participants examined the Foundation’s reports. Subsequently, PM Sargsyan presented Armenia’s economic development trends. 

The Prime Minister noted that the country’s GDP grew by 4.6 percent in 2011. In his words, what’s important is that Armenia’s economic makeup is changing, the Government Press Service informed Armenian News-NEWS.am. 

“The second peculiarity is that a 14-percent growth was registered in agriculture last year. In 2011, the export growth rates surpassed the import rates,” Tigran Sargsyan said.    

The PM stressed that the Government was able to completely fulfill the state budget, and to reduce the budget deficit at the same time. He added that the deficit will be reduced in phases.    

In Tigran Sargsyan’s words, Armenia’s export-oriented industrial policy strategy will be at the focus of attention this year. 

Reflecting on the current reforms, the PM noted that, according to the World Bank’s (WB) report, Armenia’s rating improved by six points, as compared with the previous year, and now the country is ranked 55th. “What’s most important is that Armenia is in first place with its five implemented reforms,” he said.   

Tigran Sargsyan also informed that the International Monetary Fund (IMF) has completed its monitoring of Armenia. “Our activities and their results were rated excellent. What is more, we have an over-performance. [And] We expect to receive additional preferential loans from the IMF,” Sargsyan noted.     

The IMF had also assessed Armenia’s financial sector, and, in the PM’s words, the concerns over the country’s financial sector risks have been dispelled. “Now, we can look toward the future more comfortably,” Sargsyan argued.

He noted that the WB likewise positively evaluated Armenia’s performance in carrying out bilateral programs. “This will help in the implementation of reforms,” Tigran Sargsyan stated.      

In his words, an outstanding success was registered in Armenia’s cooperation with the European Union (EU). “We have to carry out a three-year work to install in Armenia the standards which the EU requires,” the PM said.    

Also, Tigran Sargsyan expressed satisfaction with the results of Armenia’s cooperation with the European Bank for Reconstruction and Development, and the Asian Development Bank.