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CLEARED FOR MORE BORROWING: IMF TAKES POSITIVE DECISION ON ADDITIONAL LOAN TO ARMENIA
http://news.google.com/news/search?pz=1&cf=all&ned=us&hl=en&q=armenia+OR+Armen ian+OR+armenians+OR+karabakh&cf=all&scoring=n
14.12.11 | 14:34
The Executive Board of the International Monetary Fund (IMF) has
completed its third review of Armenia's economic performance and
passed a decision on Tuesday enabling the authorities to draw an
additional $56.1 million loan, bringing total disbursements under
the three-year arrangements to about $224.3 million.
The IMF management praised the authorities in Yerevan for cutting
the state budget deficit, reforming taxation and curbing inflation,
however said more reforms "are needed".
The loan installments are part of the lending program launched by
the U.S.-based fund in June 2010, by which $413-million low-interest
funds are allocated to the Armenian government and Central Bank.
"The Armenian authorities should be commended for continued
implementation of sound policies under the Fund-supported program,
which have helped underpin the moderation of inflation this year and
the continuing post-crisis recovery," Nemat Shafik, the IMF's deputy
managing director, said in a statement following the Board discussion.
"Fiscal policies have been prudent, with the budget deficit reduced
significantly again in 2011, and further consolidation planned for
2012 and beyond," he said.
"This should help ensure fiscal and debt sustainability and reduce
vulnerabilities."
"The 2012 tax package is welcome, as it will ease the adjustment burden
on spending. Further measures are expected in the forthcoming tax
strategy paper," said Shafik. (The Armenian government has repeatedly
described improved tax collection as the keystone of their strategy
aimed at reforming the country's business sector.)
"Broad-based reforms should aim at enhancing the business environment
and promoting competitiveness, greater productivity, and higher
exports," he stressed. "Armenia faces increasing downside risks
from the global environment, which may exacerbate its existing
vulnerabilities," warned the senior IMF official, most probably,
referring to the fallout from renewed recession in Europe and elsewhere
in the world.
http://news.google.com/news/search?pz=1&cf=all&ned=us&hl=en&q=armenia+OR+Armen ian+OR+armenians+OR+karabakh&cf=all&scoring=n
14.12.11 | 14:34
The Executive Board of the International Monetary Fund (IMF) has
completed its third review of Armenia's economic performance and
passed a decision on Tuesday enabling the authorities to draw an
additional $56.1 million loan, bringing total disbursements under
the three-year arrangements to about $224.3 million.
The IMF management praised the authorities in Yerevan for cutting
the state budget deficit, reforming taxation and curbing inflation,
however said more reforms "are needed".
The loan installments are part of the lending program launched by
the U.S.-based fund in June 2010, by which $413-million low-interest
funds are allocated to the Armenian government and Central Bank.
"The Armenian authorities should be commended for continued
implementation of sound policies under the Fund-supported program,
which have helped underpin the moderation of inflation this year and
the continuing post-crisis recovery," Nemat Shafik, the IMF's deputy
managing director, said in a statement following the Board discussion.
"Fiscal policies have been prudent, with the budget deficit reduced
significantly again in 2011, and further consolidation planned for
2012 and beyond," he said.
"This should help ensure fiscal and debt sustainability and reduce
vulnerabilities."
"The 2012 tax package is welcome, as it will ease the adjustment burden
on spending. Further measures are expected in the forthcoming tax
strategy paper," said Shafik. (The Armenian government has repeatedly
described improved tax collection as the keystone of their strategy
aimed at reforming the country's business sector.)
"Broad-based reforms should aim at enhancing the business environment
and promoting competitiveness, greater productivity, and higher
exports," he stressed. "Armenia faces increasing downside risks
from the global environment, which may exacerbate its existing
vulnerabilities," warned the senior IMF official, most probably,
referring to the fallout from renewed recession in Europe and elsewhere
in the world.