{
  "title": "Republic of Armenia: Selected Issues",
  "publication": "IMF Staff Country Reports, December 22, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-armenia-selected-issues-22552",
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  "summary": "This Selected Issues paper for the Republic of Armenia shows that building up fiscal space during economic expansions is crucial for the effective implementation of stimulatory policies during downturns.",
  "publishDate": "2008-12-22",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Building up fiscal space during economic expansions is crucial for the effective implementation of stimulatory policies during downturns.\n- Armenia’s tax revenue remains one of the lowest in the region, and significantly below potential.\n- Legislative changes introducing a VAT threshold and a simplified regime for those businesses below the threshold are promising steps.\n- Adoption of a comprehensive and ambitious modernization plan for revamping tax administration is a promising step in the right direction."
    },
    {
      "heading": "Policy recommendations and reforms highlighted",
      "content": "- Strengthen fiscal buffers during expansions to enable stimulatory policies during downturns.\n- Implement and monitor the VAT threshold and the simplified regime for businesses below the threshold to widen the tax base while reducing compliance burdens.\n- Pursue the comprehensive modernization plan to revamp tax administration and increase tax capacity."
    },
    {
      "heading": "Subjects and analytical focus",
      "content": "- Exchange rates\n- Expenditure\n- Fiscal policy\n- Fiscal stance\n- Foreign exchange\n- Foreign exchange intervention"
    },
    {
      "heading": "Keywords (as listed)",
      "content": "- Armenia\n- Baltics\n- CR\n- equilibrium exchange rate\n- exchange rate pass-through\n- Exchange rates\n- fiscal policy framework\n- Fiscal stance\n- Foreign exchange intervention\n- foreign exchange market intervention\n- Global\n- government spending\n- ISCR\n- pass-through estimate\n- policy objective\n- shortsighted fiscal policies\n\nInternational Monetary Fund. \"Republic of Armenia: Selected Issues\", IMF Staff Country Reports 2008, 375 (2008), accessed 9/22/2026, https://doi.org/10.5089/9781451801699.002\n\n---\n\n Content in this bundle\n\n- Republic of Armenia: Selected Issues; IMF Country Report 08/375; October 31, 2008.\n  - Republic of Armenia: Selected Issues; IMF Country Report 08/375; October 31, 2008. (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Republic of Armenia: Selected Issues; IMF Country Report 08/375; October 31, 2008. (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-armenia-selected-issues-22552"
    }
  ],
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/republic-of-armenia-selected-issues-22552/index.md)",
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    "Published: December 22, 2008",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451801699.002",
    "Building up fiscal space during economic expansions is crucial for the effective implementation of stimulatory policies during downturns.",
    "Armenia’s tax revenue remains one of the lowest in the region, and significantly below potential.",
    "Legislative changes introducing a VAT threshold and a simplified regime for those businesses below the threshold are promising steps.",
    "Adoption of a comprehensive and ambitious modernization plan for revamping tax administration is a promising step in the right direction.",
    "Strengthen fiscal buffers during expansions to enable stimulatory policies during downturns.",
    "Implement and monitor the VAT threshold and the simplified regime for businesses below the threshold to widen the tax base while reducing compliance burdens.",
    "Pursue the comprehensive modernization plan to revamp tax administration and increase tax capacity.",
    "Exchange rates",
    "Expenditure",
    "Fiscal policy",
    "Fiscal stance",
    "Foreign exchange",
    "Foreign exchange intervention",
    "Armenia",
    "Baltics",
    "CR",
    "equilibrium exchange rate",
    "exchange rate pass-through",
    "Exchange rates",
    "fiscal policy framework",
    "Fiscal stance",
    "Foreign exchange intervention",
    "foreign exchange market intervention",
    "Global",
    "government spending",
    "ISCR",
    "pass-through estimate",
    "policy objective",
    "shortsighted fiscal policies",
    "**Republic of Armenia: Selected Issues; IMF Country Report 08/375; October 31, 2008.**"
  ],
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