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IMF ALLOCATES $50.7 MILLION LOAN TO ARMENIA FOR "SOLID GROWTH"
APA
June 22 2012
Azerbaijan
Baku - APA-ECONOMICS. The International Monetary Fund offered a
cautiously positive economic outlook for Armenia as it announced the
release of $50.7 million in fresh loan tranches to the authorities
in Yerevan on Monday, APA reports.
The two installments are part of a three-year lending program for the
country worth $404 million that was launched by the IMF in June 2010.
Their disbursement raised to almost $270 million the total amount of
low-interest funds allocated to the Armenian government and Central
Bank under that scheme.
In a written statement, the IMF praised the Armenian authorities for
adhering to macroeconomic policies favored by the Washington-based
fund. It said that they have translated into "solid growth" and
falling inflation.
"The outlook for 2012 and the medium-term is positive, but not without
risks, particularly stemming from Europe and affecting Armenia via
Russia," read the statement. "Growth picked up to 4.6 percent in 2011,
but is expected to moderate to just below 4 percent in 2012."
The IMF also praised the authorities for slashing the state budget
deficit last year and planning to keep it under control in 2012. "The
authorities plan to implement further business environment and tax
and pension reform measures," added the fund. "Together with enhanced
exchange rate flexibility, these actions should improve productivity
and support growth and diversification of exports."
APA
June 22 2012
Azerbaijan
Baku - APA-ECONOMICS. The International Monetary Fund offered a
cautiously positive economic outlook for Armenia as it announced the
release of $50.7 million in fresh loan tranches to the authorities
in Yerevan on Monday, APA reports.
The two installments are part of a three-year lending program for the
country worth $404 million that was launched by the IMF in June 2010.
Their disbursement raised to almost $270 million the total amount of
low-interest funds allocated to the Armenian government and Central
Bank under that scheme.
In a written statement, the IMF praised the Armenian authorities for
adhering to macroeconomic policies favored by the Washington-based
fund. It said that they have translated into "solid growth" and
falling inflation.
"The outlook for 2012 and the medium-term is positive, but not without
risks, particularly stemming from Europe and affecting Armenia via
Russia," read the statement. "Growth picked up to 4.6 percent in 2011,
but is expected to moderate to just below 4 percent in 2012."
The IMF also praised the authorities for slashing the state budget
deficit last year and planning to keep it under control in 2012. "The
authorities plan to implement further business environment and tax
and pension reform measures," added the fund. "Together with enhanced
exchange rate flexibility, these actions should improve productivity
and support growth and diversification of exports."