Yerevan /Mediamax/. Armenia may receive $52mln from IMF for improvement of business climate.

Mediamax reports that Head of IMF Mission in Armenia Mark Lewis said today that the Mission of the Fund has reached work agreements with authorities of Armenia on realizing three years’ program “Extended Fund Facility” (EFF) and “Extended Credit Facility” (ECF).

Basing on the agreement, IMF Board of Directors will hold discussions in late June and in case of approval, Armenia may receive additional credit means at the volume of $52mln.

“The new EFF/ECF program will allow Armenia overcoming medium-term challenges, and this will contribute to maintaining speeds of economic revival, strengthening payment balance and will lead to progress in reducing poverty”, Mark Lewis stated. 

He noted that the program provides for continuing reforms on improving tax administration, directed at defending the rights of taxpayers and improving business climate. “Tax-budget policy will continue assisting economic activity, however simultaneously with stabilization of economy revival speeds, budget deficit will be gradually decreased, aiming at preserving stability of the state debt”, Mark Lewis stated, expressing at that confidence that Armenia will manage to fully fulfill its state debt.

“Due to improvement of tax administration, the authorities intend to expand tax base, moreover, they will continue improving targeted and effective nature of expenses”, Mark Lewis stated.

He noted that maintenance of a low level of inflation will remain one of the basic goals of Armenia’s monetary-credit policy, adding that following the forecasts of IMF, inflation in Armenia this year will be within the limit of 6%.

Mark Lewis also informed that as to the latest assessments of IMF, GDP growth in Armenia this year will be within the limit of 4%.--0--