On Tuesday, September 24, Armenia's Minister of Economy, Gevorg Papoyan, met with a delegation from the International Monetary Fund (IMF), headed by the IMF mission chief to Armenia, Iva Petrova.
According to the press service of the Ministry of Economy of Armenia, the meeting focused on the prospects for cooperation between the Armenian government and the IMF, as well as key issues related to the country's economic development.
Particular attention was given to the diversification of Armenia's economy, the vision for an export strategy, access to finance, public-private partnerships, effective investment management, and ensuring business transparency.
Gevorg Papoyan outlined measures aimed at improving state support programs implemented by the Ministry of Economy. He noted that steps are currently being taken to enhance the efficiency of these programs and to develop more accessible schemes for economic operators.
During the discussion, the minister also presented the government's economic priorities and the ongoing measures to implement them.
According to Armenia’s Statistical Committee, Russia consistently holds the leading position in trade volumes with Armenia. In January-July of this year, trade turnover with Russia increased 2.4 times, amounting to more than $9 billion. At the same time, exports to Russia fell by 22.4%, from last year’s $2.1 billion to $1.6 billion in the first seven months of 2024, while imports from Russia increased 4.4 times, reaching about $7.5 billion.
During the reporting period, Russia's share in Armenia's foreign trade structure also increased from 36% last year to 44.4%.
