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IMF predicts 10-15% decline for Armenian economy by yearned
YEREVAN, August 15, /ARKA/. The International Monetary Fund (IMF) is
revising its latest forecast that Armenia's economy would decline by
10% by yearend, IMF Resident Representative in Armenia, Nienke Oomes
told ARKA in comments on the decision by Fitch Ratings to downgrade
Armenia's long-term foreign and local currency Issuer Default Ratings
(IDR) to 'BB-' from 'BB' leaving the outlooks stable.
`We are in the process of reconsidering our earlier made forecasts. Of
course we know that Armenia's economy fell year-on-year 16.3% in the
first half of this year, but we also expect the decline to slow down by
yearend,' she said.
However, IMF Resident Representative could not say exactly how much the
economy would fall, saying it would be between 10-15%.
`It is early now to say whether Fitch Ratings' forecast would come
true. As I have said we are reconsidering all available information and
will have to discuss it with the Ministry of Finance and Central Bank
and publish our new forecast in two weeks,' she said.
In June the IMF forecasted that Armenian economy may either fall or
grow, but if it grows it never will be a double-digit. In late June the
IMF Executive Board decided to increase financial assistance to Armenia
from $540 million to $823 million. M.M. -0-
YEREVAN, August 15, /ARKA/. The International Monetary Fund (IMF) is
revising its latest forecast that Armenia's economy would decline by
10% by yearend, IMF Resident Representative in Armenia, Nienke Oomes
told ARKA in comments on the decision by Fitch Ratings to downgrade
Armenia's long-term foreign and local currency Issuer Default Ratings
(IDR) to 'BB-' from 'BB' leaving the outlooks stable.
`We are in the process of reconsidering our earlier made forecasts. Of
course we know that Armenia's economy fell year-on-year 16.3% in the
first half of this year, but we also expect the decline to slow down by
yearend,' she said.
However, IMF Resident Representative could not say exactly how much the
economy would fall, saying it would be between 10-15%.
`It is early now to say whether Fitch Ratings' forecast would come
true. As I have said we are reconsidering all available information and
will have to discuss it with the Ministry of Finance and Central Bank
and publish our new forecast in two weeks,' she said.
In June the IMF forecasted that Armenian economy may either fall or
grow, but if it grows it never will be a double-digit. In late June the
IMF Executive Board decided to increase financial assistance to Armenia
from $540 million to $823 million. M.M. -0-