Armenia: First Review under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia
International Monetary Fund. Middle East and Central Asia Dept.
Dec 2019 · International Monetary Fund
Ebook
73
Pages
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About this ebook
This paper highlights Republic of Armenia’s First Review Under the Stand-By-Arrangement. Armenia’s economic performance is strong with healthy growth, low inflation, a stable financial system, with increasing foreign reserves and higher revenues. Despite fiscal overperformance, it is key to maintain the reform momentum to strengthen revenue mobilization, including by completing reforms to property taxation. Implementation of the authorities’ reform agenda including efforts to improve governance by establishing a holistic anti-corruption framework, will bolster sustainable and inclusive growth. The monetary policy framework’s focus on price stability has served Armenia well. The authorities’ implementation of Basel III measures will raise the resilience of the financial system, while their plans to develop the capital market and improve access to finance are also welcome.
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