Republic of Armenia: Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 178

Publication date: June 2005

ISBN: 9781451801590

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Topics covered in this book

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Banks and Banking , Exports and Imports , Public Finance , Taxation - General , Public Policy - Social Services and Welfare , ISCR , CR , government , reform , customs collection , PRGF loan , expenditure execution , taxpayer , tax revenue collection , PRGF-supported program , customs administration reform , Capital spending , Global

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Summary

This paper assesses Armenia’s Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Under the previous PRGF-supported program, Armenia accomplished macroeconomic stability, rapid growth, and a significant reduction in poverty. To consolidate these gains, there is a need to address the remaining structural weaknesses and implementation gaps as identified in the ex post assessment of Armenia’s long-term IMF engagement. The 2005 reform agenda is ambitious and focuses on fiscal and financial sector reforms. Armenia’s economic outlook is favorable, although not without risks.