Republic of Armenia: First Review Under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Monetary Policy Consultation Clause-Press Release; Staff Report

International Monetary Fund

No 2023/205, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper analyses Republic of Armenia’s First Review under the Stand-By Arrangement (SBA). Armenia’s economic activity was very strong in 2022, with real gross domestic product growing at 12.6 percent, driven by robust consumption and external demand. Growth is projected to be at 5.5 percent in 2023. The SBA, which the Armenian authorities are treating as precautionary, aims to ensure policy continuity, advance structural reforms, and maintain macroeconomic, financial, and fiscal stability. The program is broadly on track. All end-December quantitative performance criteria and indicative targets were met, and good progress was made toward the completion of structural benchmarks. The end-March structural benchmark requiring the adoption of a decree clarifying the mandate, reporting, transparency, and viability requirements for the Armenian National Interests Fund was completed as a prior action for the review. The economic outlook for 2023 is generally positive, although risks remain substantial.

Keywords: end-December inflation; monetary policy tightening; revenue mobilization effort; addressing inflation; headline inflation; transparency policy; Global; Middle East and Central Asia (search for similar items in EconPapers)
Pages: 60
Date: 2023-06-13
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