Today, the USAID-funded Partners for Financial Stability (PFS) project marked the successful completion of activities in Armenia.

The USAID PFS was a three-year regional program (2010-2013) with the goal of addressing the recent global financial crisis and enhancing financial sector stability and growth in 12 partner countries in the Europe and Eurasia region, including Armenia.

Over the past three years, PFS worked with the Armenian government, the Central Bank of Armenia (CBA), the private sector, business associations, and other key stakeholders in the financial sector to reform the processes that limit enterprise competitiveness in Armenia. The project also helped to exploreand test innovative solutions targetingvarious segments of the financial sector. PFS assistedthe Government of Armenia to establish the Export Credit Agency, supported the CBA to develop the concept of the Dilijan Research and Training Center, enhanced the CBA’s crisis preparedness capacity, and assisted the Ministry of Finance to enhance the quality of accounting and auditing services.

In addition, PFS worked with professional associations to update financial reporting standards and launch an electronic library for financial sector professionals. PFS also facilitated dialogue between public and private counterparts to tackle the challenges of micro, small and medium enterprises in accessing financial services.