Republic of Armenia: 2025 Article IV Consultation, Sixth Review Under the Stand-By Arrangement, Request for Cancellation of the Current Stand-By Arrangement, and Request for a New Stand-By Arrangement-Press Release; Staff Report; and Statement by the Alternate Executive Director for the Republic of Armenia

International Monetary Fund

No 2025/323, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Republic of Armenia’s 2025 Article IV Consultation, Sixth Review under the Stand-by Arrangement, Request for Cancellation of the Current Stand-by Arrangement (SBA), and Request for a New Stand-by Arrangement. The new SBA, which the Armenian authorities intend to treat as precautionary, aims to support continuity in the government’s policy and reform agenda to maintain macroeconomic stability, foster sustainable and inclusive growth, and provide insurance against downside risks. Armenia’s economic performance remains strong. Growth has remained robust and medium-term prospects remain favorable. Inflation is projected to gradually converge to the Central Bank of Armenia’s (CBA) target, and international reserves are expected to remain adequate. The economic outlook remains positive, with steady growth and inflation converging to the CBA’s target. Continued implementation of prudent policies and acceleration of reforms will be critical to further strengthen resilience and secure inclusive and sustainable growth in the period ahead. Structural reforms should be accelerated to raise labor force participation and employment, and support export diversification. Improvements in the investment climate through better governance and strengthening of the legal framework for businesses will support these reforms. Further steps to improve the quality of statistical reporting will help support decision-making.

Keywords: Ajoint World Bank-IMF mission; Cba governance; IMF TA; exchange restriction; expiration amount; Financial sector stability; Global; Middle East; Central Asia (search for similar items in EconPapers)
Pages: 113
Date: 2025-12-05
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