Armenia boasts a good performance record in a number of IMF-supported programs

Prime Minister Hovik Abrahamyan received a delegation led by IMF Mission Head Hossein Samiei.

Welcoming the guests, the Prime Minister noted that the ongoing effective cooperation with the IMF is crucial for Armenia’s macroeconomic stability, as well as for the implementation of key economic reforms. Hovik Abrahamyan stressed that the Government is making consistent efforts to implement activities under the Extended Fund Facility, including in terms of structural reforms. According to him, Armenia’s economy has seen a qualitative shift toward the real sector in recent years.

The Premier said that even amid adverse regional developments, his government managed to achieve though modest, but positive results in 2015. The GDP in real terms grew by three percent this year; economic activity increased by 4.7 percent in January-February as compared to the same period last year. The Prime Minister said competitiveness, productivity improvement are the key to providing a solid groundwork for sustained growth-oriented reforms, including the adoption of the new Tax Code aimed at improved tax administration and increased revenues.

Describing the cooperation between the IMF and the Government of Armenia as effective and constructive, the IMF Mission Head said to have already had fruitful discussions with top executives from various government departments and the Central Bank. According to Hossein Samiei, the Government boasts a good performance record in a number of IMF-supported programs.

Coming to Armenia’s economic position, developments and the status of reforms in different sectors, the interlocutors discussed issues related to the new Tax Code, the improvement of the business environment and the attraction of investment.

In this context, Hovik Abrahamyan said the betterment of the business environment and nc opportunities is high on the Government’s policy agenda, noting that Armenia was the 35th among 189 countries according to the World Bank’s 2016 Doing Business report, which is the best standing among the CIS countries.

During the meeting, the parties exchanged views on regional economic developments, bilateral cooperation and other topical issues.