On Tuesday the International Monetary Fund (IMF) Resident Representative in Armenia Guillermo Tolosa stated during a press conference that the macroeconomic assessments of Armenia are good. There are very few countries that have high economic growth and low inflation, and which were able to cut the budget deficit.
“Armenia’s economic conditions are better than the weather conditions,” the IMF official joked. But he added that there still are obstacles that are placed before conducting business in the country.
Tolosa informed that the IMF Executive Board approved the decision on providing Armenia 52 million dollars loan within the framework of the Extended Fund Facility (EFF) and the Exogenous Shocks Facility (ESF) programs. The total funding is 408 million dollar, 325 million dollar of which is already allocated.
Guillermo Tolosa noted that Armenia has a reasonable and manageable state debt, and considerable efforts will not be required to maintain the country’s budget deficit at around 2.6 percent of the GDP.
