Republic of Armenia: Fourth Reviews Under the Extended Fund Facility and Extended Credit Facility: Staff Report; Informational Annex; Press Release on the Executive Board Discussion.
International Monetary Fund, Jun 26, 2012 - Business & Economics - 65 pages
This paper discusses findings of the Fourth Review of Armenia’s economic performance under a program supported by Extended Fund Facility and Extended Credit Facility Arrangements. Adherence to the policies agreed under the IMF-supported program has played an important role in helping Armenia restore solid growth. The 2011 fiscal deficit was well below program targets, reflecting restrained spending. The deficit is likely to be moderately higher in 2012, but still in line with the program, and with higher expected revenues allowing for increases in priority spending.
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additional adjustment approved Armenian authorities arrears AsDB assess assets Bank of Armenia budget support business environment capital CBA CBA CBA’s Central Bank central government chart of accounts commercial banks compilation continue coverage deposits disbursements dollar dram EBRD EFF/ECF enhanced estimates and projections exchange rate external current account financial sector financing fiscal adjustment fiscal deficit foreign currency foreign exchange framework FSAP Update Fund staff estimates further implementation improve increase indicative targets Inﬂation infrastructure interbank interbank rates interest rate international investment position International Monetary Fund investment lending liabilities liquidity measures million month monthly national accounts nonbank pension reform percent of GDP policy rate program fiscal balance public sector quarterly reﬂecting refunds regulatory remains reserve money revenue risks Short-term Short-term Short-term stability Structural benchmark tax administration tax policy Tranche transactions treasury World Bank Yerevan Yerevan Metro Zvartnots Airport