For more information, see Republic of Armenia and the IMF

Armenia--Enhanced Structural Adjustment Facility
Policy Framework Paper, 1998-2001

Tables

Table 1. Armenia: Summary of Macroeconomic and Structural Adjustment Policies, 1998-2001


Policy Area

Objectives and Targets

Strategies and Measures

Timing
 
Fiscal Policy

Tax policy and Administration

Mobilize additional revenue: broaden tax base, and simplify tax structure

1. Amendments to the VAT Law to increase the threshold for paying VAT from dram 2 million to dram 3 million, including a "reasonable grounds" provision(s) for persons expected to exceed the VAT thresh old will be submitted to parliament for approval. Enterprises earning below the threshold will continue to pay the presumptive tax.

19981

 

 

2. The government will seek to conclude all remaining reciprocity agreements with other CIS countries so as to finalize the move to a VAT based on a destination principle.

1998-1999

 

 

3. The government will conduct a review of the deferment procedures on VAT payments on duty free and non-excisable goods with the technical assistance of the IMF.

1999

 

 

4. An amendment to the Enterprise Profit Tax phasing out tax holidays will be submitted to parliament.

19981

 

 

5. The government will prepare a comprehensive list of remaining tax exemptions and will develop a timetable to streamline it. The list of remaining exemptions will be published in the form of a decree before the end of 1998. Implementation of this plan will be conducted during the period ending December 1999.

1998-19991

 

Improve tax administration and enforce tax collections

6. The structure of interest charges on unpaid taxes and penalties will be consolidated from two rates to one rate, and the government will take steps to ensure that such penalty rate will remain a few percentage points above the average treasury bill rate.

1998-1999

 

 

7. The appeals procedure for taxpayers disputing their tax liabilities will be modified to allow for two sequential levels of appeal.

19981

 

 

8. The government will review the Law on Taxes to ensure that it addresses appropriately the issue of transfer pricing activities and thin capitalization between associated partners with the technical assistance of the IMF.

1999

 

 

9. The High Level Committee for large tax debtors will address and resolve the cases of the 30 largest debtors in 1998, and it will seek to resolve the remaining 30 largest cases by mid-1999.

1998-1999

 

 

10. The High Level Committee will issue a provision which will hold responsible a manager/entrepreneur who knowingly applies an enterprise's funds contrary to the terms of agreement for rescheduling a tax debt that leads to any loss of tax revenue.

1999

 

 

11. The government will review the problems hampering the assessment and collection of the Land and Property taxes and submit to the parliament for approval amendments to such laws. Such amendments will include considering the assignment of responsibility for collecting these taxes to the local authorities.

1998-1999

Expenditure management and budget control

Improve expenditure control and management

12. The 1999 draft budget will consolidate the operations of the republican government and the Pension and Employment Fund, and will include a detailed projection of the consolidated operations of the local governments. Local governments will not be allowed to borrow, except with the specific approval of the MFE, and those that will receive budgetary transfers will be required to have approved budgets prior to the beginning of the fiscal year.

1998-20012

 

 

13. The draft 1999 Budget Law to be submitted by the government in 1998 will include a provision to allow more flexibility to allocate expenditures between categories by authorizing the MFE to specify rules governing the reappropriation of line items.

1998-19922

 

 

14. The draft 1999 Budget Law to be submitted by the government in 1998 will include a provision to provide more flexible power than sequestration for the MFE to restrain expenditure when a shortfall in revenue emerges during the year.

1998-1999

 

 

15. The government will prepare a list of all existing sectoral extrabudgetary funds before the end of 1998.

19982

 

 

16. During 1999, the government will develop a strategy and complete all necessary work to ensure that the number of extrabudgetary funds in operation in the year 2000 will be significantly reduced.

1999

 

 

17. Guidelines for assessing the need for loan guarantees by the government and the CBA will be established and the system for recording loan guarantees will be refined.

1998-1999

 

 

18. Monthly reporting by the Project Management Units (PMUs) on foreign loan disbursements to the treasury will be established.

19982

 

 

19. The government will develop and implement a Medium Term Public Expenditure Framework (MTPEF). Before the end of 1998, the government will establish a unit which will be in charge of its preparation.

1998-2001

Intergovernmental Fiscal Relations

Strengthen the budgeting and budgetary control of local governments and municipalities

20. The government will develop, in consultation with the World Bank and the IMF, a strategy for the reform of the current framework of intergovernmental relations, including tax expenditure assignments and mechanisms for budget equalization across municipalities.

1999-2001

  

Monetary Operations, Bank Supervision and Policy Coordination

Improve the operation of monetary policy

Prevent an excessive use of credit from the CBA

21. The CBA will establish an intra-quarterly government borrowing rate above the average treasury bill rate.

1998-1999

 

 

22. The government will take steps toward replacing intra-quarter direct credit to government with additional treasury bill auctions. If needed the CBA will add liquidity to the market to support the auctions.

1998-2001

 

Simplify reserve requirement

23. The CBA will eliminate the option for banks to hold 50 percent of required reserves against foreign exchange deposits in foreign currency.

1998-19993

 

Facilitate short-term financing

24. The administrative procedures for the Lombard facility will be amended to allow for overnight loans.

19983

 

Improve the operation of monetary policy

25. The use of monetary policy instruments will be streamlined further by increasing the reliance on repo and reverse repo operations for short-term fine tuning of liquidity.

1998-2001

 

 

26. The CBA will limit its foreign exchange operations to the smoothing of exchange market fluctuations, and the exchange rate will move in either direction in response to market trends. The CBA's policy response to deviations from the inflation target, or from the paths of dram broad money and broad money, will be guided by an indicative target for reserve money, which will be subject to an upward limit to allow for some limited intra-monthly variability.

1998-20003

 

Strengthen banking regulation and supervision

27. The CBA will reduce the limit on the aggregate open foreign exchange position of commercial banks to 30 percent for the aggregate position to be effective from April 1, 1999, and to 25 percent from January 1, 2000. The individual exposure to certain currencies (as defined by the CBA) will be limited to 10 percent of capital from October 1, 1998, and to 5 percent from January 1, 2000.

1998-19993

 

 

28. The CBA will raise the general capital adequacy ratio to a level of 12 percent effective April 1, 1999. The minimum core capital adequacy will be set at 8 percent of risk-weighted assets effective April 1, 1999.

1998-19993

 

 

29. The government will submit to parliament amendments to the Banking Law to require a minimum capital level for new banks at the new higher level to be required for existing banks, based on a resolution which has been approved by the CBA. Existing banks will be able to avail themselves of a phased in period to achieve the new minimum capital level.

1998-1999

 

 

30. The CBA will implement loan classification guidelines that include factors other than number of delinquent days and require banks to establish a more comprehensive loan loss reserve methodology.

1998-1999

 

 

31. The CBA will establish classification and appraisal guidelines to determine the overall quality of the banks' investment portfolios.

1998-1999

 

 

32. The government, in consultation with the CBA, will submit to parliament amendments to the Banking Law to give bank regulators the power to restrict dividend payments when banks are experiencing financial difficulties.

1998-1999

 

 

33. The CBA will monitor closely the timeliness and accuracy of commercial banks' financial reporting and will continue to require annual independent audits of banks.

1998-2000

Fiscal/Monetary Policy Coordination

Enhance coordination between fiscal and monetary policies

34. The MFE, in coordination with the CBA, will prepare on a regular and timely basis a monthly financing strategy of the budget which will be built into the monthly liquidity program of the CBA. They will also set up a permanent committee that will analyze the monthly fiscal and monetary outcomes.

1998-2001

Trade Policy

Maintain liberal and streamlined tariff regime

35. The government will maintain the present low level of tariffs and the tariff regime with two bands at 0 and 10 percent.

1998-2001

  

External Sector

External debt

Enhance management and analysis

36. The External Debt Management Department of the MFE will install and use a computerized system of debt management with assistance from donors.

1998-1999

Humanitarian aid and grants in kind

Strengthen management of external assistance

37. The External Relations Department in the MFE will start publishing quarterly reports on all external grants and loans in kind received as well as the monetization of such grants and loans.

1999

Foreign direct investment

Streamline administrative procedures

38.The Ministry of Trade and Industry will establish a one-stop-shop for the formation of new businesses, particularly with FDI.

1998-1999

 

 

39.The government will issue a decree requiring state and private sector enterprises to notify the Ministry of Statistics within 30 days of receiving any FDI. Information from commercial banks will continue to be forwarded to the Ministry of Statistics by the CBA.

1998-1999

  

Other Structural Measures

Privatization

Delineate clearly the enterprises which will remain under public sector domain and monitor their financial position on a regular basis

40. In accordance with defined criteria, the government will publish a list of enterprises that will remain under public sector domain and develop a system to monitor their financial performance. During 1999, a pilot system of monitoring the five large enterprises will be started.

1998-1999

 

 

41. Privatize all bakeries and mills or initiate liquidation proceedings for those that failed to sell after a third auction.

1998

 

Use of privatization proceeds to improve external debt and debt service profile and to finance a PIP

42. The government will develop a comprehensive strategy for the use of privatization proceeds with the assistance of the World Bank and the Fund as part of its overall MTPEF strategy. Until the strategy is adopted, the use of these resources for budgetary support should be limited and geared toward financing clearly identified investment projects and maintenance expenditures, which could not be accommodated in the budget due to resource constraints, as well as to improve the external debt and debt service profile. The government will request that the World Bank assist in setting up a system to design and monitor the type of expenditures which will be eligible to be funded by either additional tax revenues or by an authorized use of privatization proceeds from the special account. The government will seek the assistance of the Fund in developing the strategy to improve the debt and debt service profile using privatization proceeds.

1998-1999

Bank Restructuring

Restructure the banking sector

43. The government will sell all its shares in Ardshinbank.

1998-1999

 

 

44. The government will design, evaluate the macroeconomic implications, and implement a strategic plan for the Savings Bank centered on privatization. The government will require a full IAS audit for 1998 and 1999, and a valuation of the bank, based on the net asset value of the balance sheet and the net present value of future earnings, including an allowance for the franchise value of the branch network.

1998-2000

 

 

45. The government will remove all remaining government representatives from the boards of directors and the management of all private commercial banks.

1998

 

 

46. The government will examine in detail alternative schemes for a deposit insurance program with technical assistance from multilateral institutions.

1998-1999

Foster the development of financial markets

Develop a transparent institutional framework

47. The government and the CBA will establish a Securities and Exchange Commission, as well as develop and adopt a new securities market regulatory framework, which will include a code of conduct for primary dealers to be developed in consultation with market participants.

1998-2001

 

Facilitate transactions in the secondary market

48. The government and the CBA will establish a comprehensive capital markets infrastructure including: (i) a trading mechanism; (ii) a clearance and settlements system; (iii) a depository; and (iv) an enhanced registry system.

1998-2001

Energy sector reforms

Ensure financial viability of the energy sector

49. The government will take steps to ensure strict enforcement of existing legislation that enables energy enterprises to suspend services to customers with payments arrears, especially for those budgetary organizations which may have received services in excess of their budgetary appropriations.

1998-2001

 

 

50. The government will establish and publish dram and physical consumption (GW h) limits for 1999 on the budgetary support for strategic consumers. Continued budgetary support will be made conditional on strategic consumers reporting regularly on (i) their financial operations; (ii) collections as percent of tariff; and (iii) payments for energy as a percent of energy received.

19984

 

 

51. The government will ensure implementation of the Financial Rehabilitation Plan in the power sector for the period 1998-2000. With the objective of reaching full cost recovery levels by July 1999, as required under the Energy Law, the Energy Regulatory Commission will announce (i) a minimum 12.5 percent increase in the average electricity tariff to be effective no later than January 1, 1999; and (ii) a timetable for semi-annual tariffs reviews.

1998-20004

 

 

52. The government will require the preparation of electricity companies' accounts according to international accounting standards (IAS), and an audit of their accounts in accordance with international auditing standards.

1998-2000

 

Privatize energy companies to improve efficiency

53. The government will implement a program of power privatization as provided in Government Decision 551 of December 2, 1997. In particular, the government will formulate and agree with the World Bank a privatization action plan for electric distribution companies before the end of 1998. The plan will set a benchmark for 1999-2000 that at least 50% of the overall distribution capacity (by market share) will be offered for privatization with majority of shares offered to strategic investors. International privatization consultants will have been contracted by January 1, 1999.

1998-2001

Public Sector Reform

Review role of the state

54. The government will conduct a review of the role of the state in a market economy. On the basis of this review, the government will: (i) develop a program of institutional and civil service reforms starting in 1999; (ii) strengthen the cabinet office of government; and (iii) develop and implement a medium term civil service reform strategy.

1998-2001

 

Restructure budgetary employment

55. The government's program for restructuring budgetary employment will start in the health and education sectors in the context of the rationalization strategies indicated below.

1999

 

Introduce professional merit-based civil service

56. The government will appoint a high level working group on civil service reform to coordinate and oversee civil service reform issues.

19985

 

 

57. Develop a medium term civil service reform strategy.

1998-1999

 

 

58. Submit to parliament a draft Civil Service Law consistent with the recommendations received from the World Bank and prepare regulations on a timely basis so as to be able to implement the law as soon as approved by parliament.

1998-1999

 

 

59. The government, with the assistance from the World Bank and UNDP, will (i) review the current structure of control and internal and external audit functions and develop and submit amendments to the relevant laws; (ii) identify and implement measures to strengthen the institutional capacity in charge of control and auditing.

1998-2001

 

Improve service delivery

60. The government will conduct a service delivery survey to assess user satisfaction with public services and to identify agencies and priorities for improvement. On the basis of survey findings, the government will develop a program for improving service delivery in targeted agencies and/or regions.

1998-1999

Education

Increase the general quality of educational services and the effectiveness and targeting of public expenditure in the sector

61. The government will submit to parliament a draft Law on Education which will identify areas for private and public financing in the sector, introduce new financing mechanisms (per capita financing in general education), define school autonomy, expand role of municipalities in managing primary and secondary schools.

19986

 

 

62. The government will strengthen the capacity for monitoring the quality of general education. The first delivery survey will be launched in 1999, which will result in developing a school rating. The Ministry of Finance and Economy will approve a new reporting format for educational institutions that receive public funds which would provide a comprehensive coverage of available funding and detailed breakdown of actual spending.

1999-2001

Health

Improve the general quality of health services and the effectiveness and targeting of public expenditure in the sector

63. The government will provide further rationalization of the Basic Benefit Package (BBP) system for the 1999 budget by ensuring its consistency with available funding, by making improvements in both contract arrangements with hospitals, and monitoring of the implementation of the BBP by hospitals.

19986

 

 

64. The government will develop and approve a three-year strategic plan for the sector that will spell out a longer term vision for public involvement in the sector as well as explicit priorities for hospital restructuring, medical training, government licensing and reporting. On the basis of this plan, the government will proceed with hospital rationalization including privatization of hospitals and reduction in the number of doctors in public funded hospitals.

1999-2001

Social Safety Net

Social protection

65. The government adopted a resolution in November 1999 which modified the existing system of social benefits to a means-tested single vulnerability benefit starting effective January 1, 1999. The government will submit to parliament in 1999 a draft Law on Family Benefits. The full transition will be completed in 2000.

1998-2000

 

Social insurance

66. The government will issue a resolution stating its commitment to develop a pension reform strategy. The resolution will include the main principles of such a strategy.

1999

 

 

67. The government will approve a plan for rationalization of both collection of payroll taxes and payments of pensions to recipients.

1999

Statistical Reform

Improve statistics

68. The government will seek assistance from the IMF to assess and improve the quality, timeliness and dissemination of the national accounts, in general, and of the GDP deflator, and GDP on a constant price basis that is currently being published on a quarterly basis, in particular.

1998-1999

 

 

69. The Ministry of Statistics will conduct a pilot survey of FDI using the questionnaire prepared by the former IMF resident expert on balance of payments statistics.

1999

 

 

70. The Ministry of Statistics will conduct four consecutive quarterly surveys on nonfactor services in line with the recommendation of the Fund STA Department.

1999

 

 

71. The Ministry of Statistics will establish a statistics advisory committee, including representatives from other ministries, the CBA, and the private sector.

1999

1This measure has already been implemented.
2This measure has already been implemented.
3This measure has already been adopted.
4This measure has already been implemented.
5This measure has already been implemented.
6This measure has already been implemented.
 


Table 2. Armenia: Selected Economic and Financial Indicators, 1997-2001
(Units as indicated)
  Actual Projected
 
1997

1998

1999

2000

2001
Real Sector
Nominal GDP (billions of drams) 799 940 1100 1237 1390
Nominal GDP (US $millions) 1/ 1628 1864 2025 2178 2363
 
Real GDP (percent change) 3.1 5.5 4.0 5.0 6.0
 
External sector
Current account balance 2/
   (US$ millions) -452 -442 -442 -434 -392
   (percent of GDP) -27.8 -23.7 -21.8 -19.9 -16.6
External debt
   (US$ millions) 786 801 895 1023 1140
   (percent of GDP) 48.3 43.0 44.2 47.0 48.3
 
Targets
Inflation (in percent)
   Average 14.0 9.4 9.9 7.1 6.0
   End period 21.9 3.8 9.9 6.0 6.0
 
Net international reserves
   (US$ millions, end of period) 106 100 97 111 120
Gross international reserves
   (US$ millions) 247 290 309 307 308
   (months of imports of G&NFS) 3.1 3.6 3.6 3.4 3.3
 
Instruments (percent change, end of period)
 
Monetary base 22.5 4.6 9.2 ... ...
Dram broad money 8.7 15.2 15.3 ... ...
NDA of CBA 3/ -45.0 10.6 11.4 ... ...
NDA of banking system -13.5 72.3 21.7 ... ...
M2 velocity (level) 19.28 19.24 19.0 ... ...
Broad money multiplier (level) 1.39 1.73 1.81 ... ...
 
Consolidated Government Balance (in percent of GDP)
Total revenue and grants 19.8 21.2 21.3 22.3 22.7
   of which: tax revenue 16.4 18.0 17.9 19.1 19.7
Total expenditure and net lending 4/ 25.7 27.1 27.7 26.3 26.4
   of which: interest payments 2.7 1.6 1.4 1.5 1.4
Budget deficit 5/ -5.9 -5.9 -6.5 -4.0 -3.8
Identified financing 5.9 5.3 5.6 4.0 3.8
   Domestic financing -0.6 2.2 1.3 0.5 0.5
      of which: Special privatization receipts   2.3 1.0 ... ...
   External financing 6.4 3.1 4.3 3.5 3.3
   Gap ... 0.6 0.9 ... ...
Sources: Armenian authorities; and Fund staff estimates.
 
1/ Assuming constant average real exchange rates in 1999.
2/ Excluding official transfers.
3/ Change in percent of reserve money at the beginning of the period.
4/ Includes contingent expenditures in 1998-99.
5/ Defined as revenues minus expenditures.
 


Table 3. Armenia: Income and Social Indicators, 1990-1999
  Unit of average     Program Period        

Item

Measure

1990-95

1996

1997

1998

1999
Population millions ... 3.78   3.79 3.79 3.79
Population growth rate percent 1.2 1.2   1.2 1.2 1.2
Total fertility rate births/woman 2.2 2.0   2.0 ... ...
Poverty percent ... 57.4  1/ ... ... ...
National poverty line dram ... 10784.0   ... ... ...
GNP per capita US dollars ... 421.7   425.6 491.7 534.2
Index of real wages 1995=100 7.9 48.6   125.9 118.9 ...
   Agricultural   17.8 51.7   90.7 90.5 ...
   Non-agricultural   7.9 48.5   121.7 119.5 ...
Consumer price index (average increase) percent 176.0 18.7   14.0 9.4 9.9
Food price index
(average increase)
percent 190.5 14.9   8.4 7.2 ...
Net primary school
enrollment rate
(percent of age group)            
Total   72.2 72.8   73.1 ... ...
   Male   69.7 69.2   72.2 ... ...
   Female   74.8 76.5   74.0 ... ...
Access to safe water (percent of population)            
Total   77.8 87.0   81.2 ... ...
   Urban   93.3 90.3   87.2 ... ...
   Rural   90.5 96.0   89.0 ... ...
Life expectancy at birth years            
Total   ... ...   ... 73.9 ...
   Male   ... ...   ... 77.3 ...
   Female   ... ...   ... 70.3 ...
Infant mortality rate per 1,000 live births ... ...   ... ... ...
Under 5 mortality rate per 1,000 live births ... ...   ... 19.5 ...
   Male   ... ...   ... 21.2 ...
   Female   ... ...   ... 17.6 ...
Adult (15-59) mortality rate per 1,000 population ... ...   ... 2.4 ...
Maternal mortality ratio per 100,000 live births ... ...   ... 38.5 ...
 
Source: Ministry of Statistics.
 
1/ According to the household survey conducted in 1996 with assistance from the World Bank.
 


Table 4. Armenia: External Financing Requirements, 1997-2001
(In millions of US dollars, unless otherwise indicated)
  Actual Projections Program
     
 
1997

1998

1999

2000

2001

1998-01
 
Financing requirement -505 -369 -395 -352 -283 -1399
             
   Current account -452 -442 -442 -434 -392 -1711
   Of which:            
      Exports 233 249 282 311 358 1201
      Imports -793 -809 -840 -885 -938 -3471
      Non-interest factor services 115 103 107 114 136 460
      Private transfers 68 65 57 76 106 304
   Capital flows 27 116 67 80 111 374
   Of which:            
      FDI 51 140 100 131 142 512
      Amortization -24 -24 -33 -51 -34 -143
   Changes in gross official reserves -79 -43 -19 2 -2 -61
 
Sources of financing 1/ 585 345 307 24 18 694
 
   Official transfers 154 123 141 0 0 264
   IFIs other than the Fund 102 41 51 34 25 150
      World Bank 77 32 41 29 21 122
      EBRD 24 4 3 0 0 7
      IFAD 1 5 7 5 4 22
   Bilateral and commercial creditors 107 41 4 6 3 54
   Other capital (incl. net errors and    omissions) 121 105 101 0 0 206
   Changes in overdue obligations 2/ -3 -8 0 0 0 -8
   IMF 23 45 10 -16 -10 29
 
Potential financing 0 10 56 234 217 517
   Grants 0 0 0 140 110 250
   Loans 0 10 56 94 107 267
      World Bank 0 10 53 50 35 148
         of which: SAC III 0 10 40 0 0 50
      EBRD & commercial cofinancing 0 0 0 28 34 62
      Bilateral 0 0 3 16 38 57
      IMF 0 0 0 0 0 0
 
Residual financing gap 0 14 32 94 48 188
 
Memorandum items:            
Current account (in percent of GDP) -27.8 -23.7 -21.8 -19.9 -16.6 -21.8
Trade balance (in percent of GDP) -34.4 -30.1 -27.6 -26.3 -24.5 -28
Gross IMF financing            
   (In percent of total financing needs) 4.6 12.2 5.7 0 0 4.8
Gross official reserves 3/ 247 290 309 307 308 302
   (In months of imports of G&NFS) 3.1 3.6 3.6 3.4 3.3 3.5
External debt 4/ 786 801 896 1023 1141 907
Debt/GDP (in percent) 4/ 48.3 43 44.2 47 48.3 44.7
Debt service 4/ 48.5 45.4 67.1 92.6 75.9 68.4
Debt service ratio (in percent of exports of G&NFS) 4/ 14.7 12.3 15.8 20.1 14.8 16.1
 
Sources: Armenian authorities; and Fund staff estimates.
 
1/ Disbursements from committed loans.
2/ Obligations under negotiations with the European Union and a commercial creditor.
3/ Excluding the Special Privatization Account from 1998 onwards.
4/ Including transactions with the Fund and debt service arising from the financing gap.
 


Table 5. Armenia: Technical Assistance Provisions, 1998-2001
Policy Area
Timing
Provider of Assistance 1/
 
Fiscal Policy
 
   Tax and Customs Reform 1998-1999 IMF/USAID
   Tax Administration
      general 1998-1999 IMF
      domestic taxes 1998 US Treasury
      customs taxes 1998-1999 IMF/UNCTAD/IBRD
      computerization/EDP 1998-2000 IMF/IBRD
   Treasury System 1998-2000 IMF/US Treasury
   Civil Service Reform 1998 EU-TACIS/IBRD
   Government Finance Statistics 1998 IMF/USAID
   National Budget-Law & Procedures 1998 USAID
   Municipal Finance 1998 USAID
   Fiscal Law Reform and Dispute Settlement 1998 USAID
 
Monetary Policy
 
   Banking Supervision 1998 IMF/USAID (US site training)
   CBA Accounting System 1998 IMF
   Accounting Conversion for Enterprises, Banks 1998 USAID/IBRD
   Bank Restructuring 1998 IMF/EU-TACIS
   Monetary Statistics 1998 IMF
   Bank Law Reform 1998 IMF
   Payments System 1998 IMF/USAID/EU-TACIS
   Commercial Banks Credit 1998 IBRD/IMF/USAID
   Treasury Bill Markets 1998 US Treasury
   Monetary and Foreign Exchange Policies 1998-1999 IMF
   Capital Market 1998-1999 USAID
   Assistance to Agrobank 1998 British Know-How Fund
 
External Sector
 
   BOP Statistics 1998 IMF/USAID
   Trade Statistics 1998 IMF/USAID
   Customs-ASYCUDA 2/ 1998 UNCTAD/IMF/IBRD
   Customs 1997-2000 EU-TACIS/IBRD
   Entry to WTO 1998-1999 EU-TACIS/USAID
 
Enterprise Restructuring
 
   Reorganization, liquidation and privatization 1998-1999 IBRD/USAID/EU-TACIS
   Arrears Monitoring 1998 IBRD
   Commercial Law 1998 IMF/IBRD/USAID
   Privatization Advisors, Energy Sector 1998-1999 IBRD
 
   Management Training
      a. small and medium enterprises 1998 EU-TACIS/IBRD/GTZ/USAID
      b. self-owned businesses 1998 USAID/AUA
 
Private Enterprise Development 1998 USAID/IBRD
 
   Post-privatization Restructuring and Development 1998-2001 EU-TACIS
 
Statistics
 
   National Accounts Statistics 1998-2001 OECD/USAID/IMF/EU/UNDP/IMF
   Balance of Payments Statistics 1998-1999 IMF
   Foreign Trade Price Indices 1998-1999 IMF
   Business Statistics 1998-2000 EU-TACIS
   Business Register 1998-2000 EU-TACIS
   Foreign Trade Statistics 1998-2000 EU-TACIS/IBRD
   Population Statistics 1998-2001 EU-TACIS
   Shadow Economy 1998-2001 EU-TACIS
 
Social Sector
 
   Human Resources Development 1998-2001 EU-TACIS
 
Housing Privatization, Legal Property Rights and Cadastry 1998 USAID/ICMA
 
Health Reform 1998-1999 IBRD/UNICEF/EU-TACIS
   Hospital Restructuring 1998-1999 IBRD
 
Education 1998-1999 IBRD/UNHCR/EU-TACIS
 
Energy 1998-1999 IBRD/USAID/EU-TACIS
   Strengthening Regulatory Capacity 1998-1999 IBRD
 
Transport 1998 IBRD/EBRD/EU-TACIS
 
Agriculture
 
   Agro Development 1998 IBRD/EU-TACIS/USAID
   Wholesale Market 1998 EBRD/British Know-How Fund
   Food Security 1998 EU/USAID/WFP
   Land Registration 1998-1999 EU-TACIS
 
Environment 1998 IBRD/EU-TACIS
 
Economic and Legal Training
 
   Bankruptcy/Judges Training 1998 IBRD/AUA/IDLI
   Banking Training 1996-1999 USAID
   Economic Policy Analysis 1998 USAID
 
Democracy/Governance 1998 USAID/UNDP/OSCE/EU-TACIS
 
Publications on the Armenian Economy
 
   Armenian Economic Trends 1998-1999 EU-TACIS
   Information on Economic Reforms 1998-1999 IBRD
 
Water Sector
 
   Yerevan Water Supply 1998-1999 IBRD
 
Social Protection
   Pension Reform Strategy 1998-1999 IBRD
   Family Benefits 1998-1999 IBRD
 
 
1/ AUA - American University of Armenia; EBRD - European Bank for Reconstruction and Development; GTZ - Deutsche Gesellschaft Für Technische Zusammenarbeit; IBRD - International Bank for Reconstruction a nd Development; ICMA - International City Manager Association; IDLI - International Democratic Law Institute; IESC - International Executive Service Corps; IFRC - International Federation of the Red Cross; IMF - International Monetary Fund; IRS - Internal Revenue Service; OECD - Organization for Economic Cooperation and Development; OSCE -Organization for Security and Cooperation in Europe; TACIS -Technical Assistance for CIS countries (agency of EU); TARA - Technical Assistance for the Republic of Armeni a; UNCTAD - United Nations Conference on Trade and Development; UNDP - United Nations Development Agency; UNHCR - United Nations High Commission for Refugees; USAID - United States Agency for International Development; and WFP - World Food Program.
2/ Automated System for Customs Data.



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