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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Armenia arrears banking system below-the-line beneﬁts billions of drams broad money budget support grants Budget support loans capital CBA’s Central Bank central government chart of accounts commercial banks consolidation criteria and completion December deﬁcit deﬁned deposits disbursements EFF/ECF enhanced estimates and projections expenditure exports external debt ﬁnancial ﬁnancing fiscal ﬂoor ﬂows foreign currency Foreign exchange framework Fund staff estimates Gross domestic product Gross international reserves IBRD implementation increase indicative targets inﬂation interbank interbank rates International Monetary Fund lending liabilities liquidity luxury vehicles measures Memorandum items millions of U.S. month Monthly Within 45 nonbank OECD ofﬁcial outstanding Overall balance pension reform percent change percent of GDP performance criteria Prel Prog program exchange rates program ﬁscal balance Proj public sector recorded imports regulatory reserve money risks SDR Million Structural benchmark T-bill tax administration Tax policy taxpayer transaction transfer pricing treasury bills U.S. dollars World Bank