RA and the International Monetary Fund have agreed on the issue of revising the Reserve Program

22.10 15:29 | Category Economics

The Republic of Armenia and the International Monetary Fund reached a working level agreement on the fourth revision of the Reserve Program.

The Ministry of Finance of Armenia issued a message about this.

"As a result of the Armenian mission of the International Monetary Fund (IMF) held from September 18 to October 1, 2024, and the subsequent discussions, a working level agreement was reached on the regular, fourth revision of the three-year reserve program implemented with the support of the IMF," the department's release stated. in

It is emphasized that the review records the effective and timely implementation of the obligations undertaken under the program, as well as the stability and reliability of the macroeconomic policy. IMF experts expect that the rate of economic growth of Armenia will be maintained in the current year, in 2024. making 6% due to domestic demand.

"The government's structural reform agenda is appropriately focused on strengthening inclusive growth by boosting labor market participation among youth, women and vulnerable groups, expanding diversification in the country's export basket and markets, and improving the business environment. Achieving these goals requires the development and implementation of clear and full employment and export strategies, setting priorities for management reforms, modernizing the insolvency framework and rationalizing investment incentives aimed at supporting quality investments," noted Iva Petrova, head of the IMF Armenia mission.

The review is subject to approval by the IMF Executive Board. in December, resulting in $24.5 million (PHP 18.4 million) of borrowings, bringing the total amount available under the program to $122.7 million (PHP 92 million). The program is preventive in nature and the borrowed funds will be directed to meet the external (balance of payments) financing needs of the economy caused by possible future shocks.

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