The International Monetary Fund (IMF) will support the economic program of the Armenian government to preserve macroeconomic, fiscal, and financial stability, and to advance reforms to promote inclusive growth.

IMF reports that their team and the Armenian authorities have reached an agreement that is subject to approval by the IMF Executive Board, which is expected to consider it in December 2022.

It is noted that at the request of the Armenian authorities, a staff team from the International Monetary Fund visited Yerevan from September 26 to October 6 to discuss a three-year economic program.

“Following the meetings and discussions in Armenia, the head of the IMF delegation Iva Petrova announced that the IMF team and the Armenian authorities have reached an agreement on allocating about $165.6 million to support Armenia in the implementation of programs to preserve macroeconomic, fiscal, and financial stability, and to advance reforms to promote inclusive growth,” the news release reads.

It is also noted that fiscal overperformance and dram appreciation have contributed to a significant decline in public debt, which is expected to drop to 51 percent of GDP this year from 60.3 percent of GDP in 2021.

“Economic growth is expected to decelerate in 2023 and to remain in the 4-5 percent range over the medium term,” the news release says.