Armenia Supported by IMF Over Three Years in Resisting Outside Shocks

The International Monetary Fund’s program for 2014-2017 has supported the Armenian authorities’ policy aimed at warding off consequence of outside shocks – decline in Russia’s economy and devaluation of the Russian national currency, Yulia Ustyugova, IMF Resident Representative in Armenia, said in an exclusive interview with ARKA News Agency. “Today we see that economic situation in Armenia has stabilized,” she said. “There was a period of a sluggish growth (0.2%) in 2016, but already the year 2017 was marked with a fast growth. Inflation is under control. Financial sector is stable.”

Armenia became an IMF member in 1992. Since then, the IMF has provided financial assistance to the country under nine programs.

In her interview, Ustyugova said that the IMF’s key mission is to support the global economic and financial stability, and the organization provides financial assistance to its members for maintaining economic stability and overcoming payment balance problems.

She said that the IMF will continue its close cooperation with the Armenian authorities in macroeconomic policy, technical assistance and stimulation of global and regional cooperation. “We are always ready to consider a new IMF program, if necessary,” she said.

The IMF has provided $100-110 million over three years of the implementation of the Extended Fund Facility (EFF) program.

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