IMF Staff Country Reports

This page presents IMF’s Fourth Review under the Stand-By Arrangement (SBA) and Request for Modifications of Performance Criterion and Monetary Policy Consultation Clause (MPCC) for Armenia. Armenia’s economic outlook remains positive, with strong, albeit gradually moderating, growth projected at around 6 percent in 2024 and around 5 percent in 2025, alongside low inflation. The program is broadly on track. All quantitative performance criteria and indicative targets for end-June 2024 were met, although lower than expected inflation breached the lower-inner MPCC band. The SBA, which the Armenian authorities are treating as precautionary, aims to support the government’s policy and reform agenda to preserve economic and financial stability and support strong, inclusive, and sustainable growth. Advancing structural reforms would support sustainable and inclusive growth. Continued efforts to boost labor market participation, especially among youth, women, and vulnerable groups are important. Reforms to diversify exports, improve the business environment, strengthen governance, and advance climate policy implementation are critical to enhance economic resilience and increase potential growth.