Yerevan/Mediamax/. IMF Resident Representative in Armenia Guillermo Tolosa said today that “Armenia should go a long way along the path of diversification of its economy”.

Mediamax reports that, while delivering a lecture in Yerevan State University today, Guillermo Tolosa said that institutional reforms, increase of the quality of services and transparency of governmental institutes should become the key factor for diversification of economy.

“According to the mentioned indices and as to the level of corruption perception, Armenia outstrips the average index of other developing countries, but yields to Eastern Europe”, IMF representative said.

He noted the necessity to speed up reforms in the sphere of customs and tax administration, pointing to the fact that the latter more significantly complicate the process of doing business in Armenia.

IMF representative also noted the need for intensive investments in human capital and struggle against poverty, pointing to the fact that over the past years Armenia has been yielding to other countries of the South Caucasus as to the level of human developments, “while earlier Armenia and Russia were the leaders in CIS as to this index”.