Armenia Resident Representative Site

Resident Representative Office in Armenia

May 21, 2013

This web page provides information on the activities of the Office, views of the IMF staff, and the relations between Armenia and the IMF. Additional information can be found on Armenia and IMF country page, including official IMF reports and Executive Board documents in English that deal with Armenia.

News — Highlights

Op-Ed "Armenia: Time to Change the Pace"

by Mark Horton, IMF Mission Chief to Armenia and Guillermo Tolosa, IMF Resident Representative in Armenia, May 15, 2013 

Presentation on the Tax Reforms at State Revenue Committee of RA

by Guillermo Tolosa, IMF Resident Representative, April 12, 2013 

Presentation on Monetary Policy at Armenian State University of Economics

by Guillermo Tolosa, IMF Resident Representative, April 5, 2013 

Presentation at Leadership School on the Challenges of Leadership in Public Policies

by Guillermo Tolosa, IMF Resident Representative, March 29, 2013 

Guillermo Tolosa, IMF Resident Representative’s opening remarks at ILO Seminar on Social Protection Floor in Aghveran, Armenia

November 27, 2012 

Click for More

Armenia and the IMF

IMF Program Note on the Republic of Armenia

February 28, 2013
Program Note on the Republic of Armenia 

Republic of Armenia: 2012 Article IV Consultation and Fifth Reviews Under the Extended Fund Facility and Under the Extended Credit Facility, and Request for Waiver and Modification of Performance Criterion—Staff Report; Press Release; Public Information Notice; and Statement by the Executive Director for Republic of Armenia

February 5, 2013
Series: Country Report No. 13/34 

Armenia: IMF Executive Board Concludes the 2012 Article IV Consultation

February 5, 2013
Each Public Information Notice contains a background section, a table of selected economic indicators, and an Executive Board assessment. 

Press Release: Armenia's Banking System Proves Resilient to Financial Crisis

January 16, 2013

Republic of Armenia: Financial System Stability Assessment

January 11, 2013
Series: Country Report No. 13/10 

Click for More

Regional Economic Outlook: Middle East and Central Asia

Two years after the onset of the "Arab Spring," many countries in the Middle East and North Africa continue to undergo complex political, social, and economic transitions. Economic performance across the region was mixed in 2012: although most oil-exporting countries grew at healthy rates, economic growth remained sluggish in the oil importers. In 2013, these differences are expected to narrow because of a scaling-back of hydrocarbon production among oil exporters and a mild economic recovery among oil importers. Many countries face the immediate challenge of re-establishing or maintaining macroeconomic stability amid political uncertainty and social unrest, but the region must not lose sight of the medium-term challenge of diversifying its economies, creating jobs, and generating more inclusive growth.

For the countries in the Caucasus and Central Asia region, the near-term outlook remains broadly favorable, reflecting high oil prices for the oil and gas exporters and strong non-oil commodity prices and robust remittances in the oil and gas importers. Risks to this favorable outlook could stem from still-subdued world demand, domestic political uncertainties, and geopolitical risks in the region. Policymakers, particularly in the oil-importing countries, should take advantage of the favorable outlook to re-establish fiscal policy buffers that were eroded in the aftermath of the global crisis. Across the region, countries should reinvigorate their reform efforts to address longstanding structural issues, with a view to improving governance, building an investor-friendly environment, developing a more inclusive financial system, and fostering regional trade and finance integration.