Armenia is making successful progress in implementing its three-year support program with the International Monetary Fund (IMF), showing effective fulfillment of its commitments and maintaining sound macroeconomic policies.
According to the press service of Armenia’s Ministry of Finance, following the IMF mission held from September 18 to October 1, 2024, and subsequent discussions, a staff-level agreement was reached on the fourth review of the "Stand-By" program.
IMF experts project that Armenia's economic growth will maintain a positive trajectory this year, reaching 6%, driven by strong domestic demand.
“The government’s structural reform agenda is appropriately focused on promoting inclusive growth by encouraging labor market participation among youth, women, and vulnerable groups, expanding the diversification of the country’s export basket and markets, and improving the business environment,” noted the head of the IMF mission in Armenia, Iva Petrova.
Upon approval of the review by the IMF Executive Board in December of this year, Armenia will have access to $24.5 million (18.4 million SDRs), bringing the total available funds under the program to $122.7 million (92 million SDRs).
The program is preventive in nature, with the loan funds aimed at meeting external financing needs in the event of potential future shocks to the economy's balance of payments.
