{
  "title": "Supporting Sustainable Financing and Access to Finance in Armenia",
  "publication": "IMF Working Papers, January 13, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2023/01/13/supporting-sustainable-financing-and-access-to-finance-in-armenia-521315",
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  "summary": "In Armenia, both external and domestic financing face challenges. Armenia’s share of inward foreign direct investment (FDI) in private external financing has declined significantly over the past decade. Access to domestic finance in Armenia is also moderate and masks important disparities.",
  "sections": [
    {
      "heading": "Summary and scope",
      "content": "- The paper analyzes determinants of inward foreign direct investment (FDI) and examines impediments to increasing access to domestic finance in Armenia.\n- Key contextual point: Armenia’s share of inward foreign direct investment (FDI) in private external financing has declined significantly over the past decade.\n- Access to domestic finance in Armenia is described as moderate and masking important disparities."
    },
    {
      "heading": "Empirical findings",
      "content": "- Governance-related structural factors have a significant impact on inward FDI (empirical confirmation reported).\n- Major challenges for increasing access to finance for firms in Armenia include:\n  - Structural factors related to the business environment.\n  - Informality in the economy.\n  - Poor accounting practices."
    },
    {
      "heading": "Policy recommendations and measures to improve financing in Armenia",
      "content": "- Implementing structural reforms to improve the business environment.\n- Maintaining prudent macroeconomic policies.\n- Strengthening financial reporting.\n- Improving financial inclusion through reduced informality in the economy."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Balance of payments, Business environment, Capital inflows, Economic sectors, Financial inclusion, Financial institutions, Financial markets, Foreign direct investment, Loans\n- Keywords: access to finance, Armenia's share, Business environment, Capital inflows, Europe, face challenge, financial inclusion, financing in Armenia, Foreign direct investment, Global, Inward FDI, inward foreign direct investment, Loans, Middle East and Central Asia, sustainable financing\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2023/01/13/supporting-sustainable-financing-and-access-to-finance-in-armenia-521315"
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    "Authors: Maria Atamanchuk, Kiichi Tokuoka",
    "Published: January 13, 2023",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400218057.001",
    "The paper analyzes determinants of inward foreign direct investment (FDI) and examines impediments to increasing access to domestic finance in Armenia.",
    "Key contextual point: Armenia’s share of inward foreign direct investment (FDI) in private external financing has declined significantly over the past decade.",
    "Access to domestic finance in Armenia is described as moderate and masking important disparities.",
    "Governance-related structural factors have a significant impact on inward FDI (empirical confirmation reported).",
    "Major challenges for increasing access to finance for firms in Armenia include:",
    "Implementing structural reforms to improve the business environment.",
    "Maintaining prudent macroeconomic policies.",
    "Strengthening financial reporting.",
    "Improving financial inclusion through reduced informality in the economy.",
    "Subjects: Balance of payments, Business environment, Capital inflows, Economic sectors, Financial inclusion, Financial institutions, Financial markets, Foreign direct investment, Loans",
    "Keywords: access to finance, Armenia's share, Business environment, Capital inflows, Europe, face challenge, financial inclusion, financing in Armenia, Foreign direct investment, Global, Inward FDI, inward foreign direct investment, Loans, Middle East and Central Asia, sustainable financing",
    "**Working Paper**"
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