Republic of Armenia: Request for Three-Year Arrangement Under the Extended Fund Facility and Extended Credit Facility, and Cancellation of the Stand-By Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Armenia

International Monetary Fund

No 2010/223, IMF Staff Country Reports from International Monetary Fund

Abstract: Economic activity appears to be recovering, underpinned by a strong policy response. Fiscal consolidation will be crucial to maintain debt sustainability and support the envisaged external adjustment over the medium term. Sound monetary and exchange rate policies are essential to maintain macroeconomic stability. Improvements in tax administration are needed to achieve the program’s goals of sound public finances and stronger economic growth. Broader efforts to strengthen the business environment are crucial to boost medium-term growth prospects. Risks to the program are manageable.

Keywords: ISCR; CR; authority; CBA; dollarization; maturity money market instrument; revenue collection; authorities breathing space; dollarization measure; Three-Year arrangement; overnight interest rate; banking system; Tax administration core functions; Credit; Global; Europe (search for similar items in EconPapers)
Pages: 81
Date: 2010-07-21
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