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IMF Executive Directors Make Statement At The Conclusion Of Their Vi

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  • IMF Executive Directors Make Statement At The Conclusion Of Their Vi

    IMF EXECUTIVE DIRECTORS MAKE STATEMENT AT THE CONCLUSION OF THEIR VISIT TO ARMENIA

    Panorama.am
    16:40 12/10/2009

    A mission of Executive Directors of the International Monetary Fund
    (IMF) comprising Ms. Meg Lundsager, Messrs. Age Bakker, Ambroise
    Fayolle, HE Jianxiong, Thomas Moser, and Klaus D. Stein, issued the
    following statement on October 12, 2009 in Yerevan at the conclusion
    of its visit to Armenia:

    "We are grateful for the opportunity to visit the country and thank
    the people of Armenia, President Serzh Sargsyan, Prime Minister
    Tigran Sargsyan, Chairman of the Central Bank Arthur Javadyan,
    Minister of Finance Tigran Davtyan, and Minister of Economy Nerses
    Yeritsyan for their warm hospitality and productive discussions. Our
    visit has offered us a unique opportunity to hold discussions with a
    wide range of stakeholders, including representatives of the public
    and private sectors, the civil society, and development partners.

    "Armenia has been severely hit by the global crisis, with real GDP
    expected to decline by about 15 percent in 2009. Foreign inflows
    have fallen and tax revenues have dropped, which have weakened the
    balance of payments and the public finances. These developments posed
    additional hardships on the Armenian population.

    "We commend the authorities for efficiently addressing these
    challenges. Fiscal policy continues to be expansionary, given that,
    with the help of the IMF and other donors, the government has been
    able to keep expenditures close to the original 2009 budget, while
    increasing spending on priority infrastructure projects.

    "The financial system remains stable and the return to a floating
    exchange rate on March 3, 2009 has been a success. The Central Bank
    (CBA) has expanded its instruments to provide liquidity to the banking
    system in order to stimulate credit to the private sector. At the
    same time, inflation is on track to meet the authorities' end-2009
    target of 4+1.5 percent.

    "Continued progress in tax and customs administration reforms will be
    critical to ensuring sound public finances, and a fair and equitable
    tax burden. Once the economy recovers, the government will need to
    reduce the fiscal deficit to preserve medium-term fiscal and debt
    sustainability, while continuing to support needed public spending
    and investment.

    "We welcome promising signs for regional cooperation, which will help
    economic development in the region. We support the IMF continuing
    excellent relationship with the Armenian authorities."
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