NEW YORK — The International Monetary Fund has disbursed a fresh $35 million loan to Armenia, completing a three-year lending program designed to bolster macroeconomic stability in the country.

The IMF’s “stand-by arrangement” was worth $248 million when it was first approved in May 2019. The Washington-based fund increased it to $415 million a year later to help Armenia cope with economic consequences of the coronavirus pandemic.

Announcing the latest installment of the program at the weekend, the IMF said the Armenian authorities have carried out important structural reforms in the last three years. It cited their efforts to improve tax collection, strengthen governance and combat corruption.

“The authorities have also developed an ambitious medium-term reform program that, if successfully implemented, could lead to stronger and more inclusive growth,” it added in a statement.

“Armenia’s economy continued to recover in 2021 and early 2022, largely thanks to the authorities’ economic management efforts,” added the statement.

Still, the IMF again predicted that economic growth will slow down to about 1.5 percent this year due to the fallout from the war in Ukraine. It said inflation in Armenia will remain “elevated” for the same reason.

The World Bank likewise forecast last month that the Armenian economy will likely grow by just 1.2 percent in 2022 because of its dependence on Russia hit hard by Western sanctions.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletters

Get notified of the latest updates from MassisPost.

You May Also Like

Preliminary Results of Parliamentary Elections in Armenia

YEREVAN — Armenia’s Central Electoral Commission (CEC) counted 55 percent of votes…

James Warlick Presents Official U.S. Government Policy on Karabakh Settlement

WASHINGTON, DC — Armenia and Azerbaijan agree on the basic elements of…

Narek Hartunian Founder of Narekatsi Art Union Arrested for Tax Fraud

YEREVAN — U.S.-Armenian businessman Narek Hartunian, head of G. H. Storage Enterprise…

Armenia has Sheltered 2500 Syrian Armenians Since May

YEREVAN — Armenia has accepted 2,500 Syrian-Armenians since May when fighting in…