Armenia: First Review under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia
IMF Staff Country Reports, December 30, 2019
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- Armenia: First Review under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia
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Bibliographic details
- Authors: Arrangement-Press Release
- Published: December 30, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513524689.002
Overview
- This paper highlights Republic of Armenia’s First Review Under the Stand-By-Arrangement.
- Publication date: December 30, 2019.
- Core assessment: Armenia’s economic performance is strong with healthy growth, low inflation, a stable financial system, increasing foreign reserves, and higher revenues.
Key findings and projections
- Economic performance characterized as "strong" with:
- healthy growth
- low inflation
- a stable financial system
- increasing foreign reserves
- higher revenues
- Despite fiscal overperformance, maintaining reform momentum is essential to strengthen revenue mobilization.
- Completing reforms to property taxation is specifically noted as key to revenue mobilization.
- Implementation of the authorities’ reform agenda, including establishing a holistic anti-corruption framework, will bolster sustainable and inclusive growth.
Policy recommendations
- Maintain reform momentum to:
- strengthen revenue mobilization
- complete property taxation reforms
- Improve governance through:
- establishing a holistic anti-corruption framework
- Continue monetary policy focus on price stability.
- Implement Basel III measures to raise financial system resilience.
- Develop the capital market and improve access to finance.
Financial sector and monetary policy
- The monetary policy framework’s focus on price stability has served Armenia well.
- Authorities’ implementation of Basel III measures is expected to raise the resilience of the financial system.
- Plans to develop the capital market and improve access to finance are welcomed.
Subjects and keywords (as provided)
- Subject: Banking, Capital markets, External debt, Financial markets, Foreign exchange, Public debt, Revenue administration
- Keywords: Armenian authorities, broad money, Capital markets, CR, Global, government, government effectiveness, government program, ISCR, reform, reform momentum, state budget, strengthening revenue administration
Key statistics and publication identifiers
- Pages: 73
- Volume: 2019
- Issue: 397
- Series: Country Report No. 2019/397
- Stock No: 1ARMEA2019007
- ISBN: 9781513524689
- ISSN: 1934-7685
- DOI: https://doi.org/10.5089/9781513524689.002
Armenia: First Review under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia
Content in this bundle
- 1armea2019007