Republic of Armenia: Staff Report for the 2006 Article IV Consultation and Third Review Under the Poverty Reduction and Growth Facility

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 433

Publication date: December 2006

ISBN: 9781451801644

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , Taxation - General , ISCR , CR , executive board discussion , fiscal policy , prudent fiscal policy , equivalent of SDR , authorities' reform effort , inflation objective , projection model , Exchange rates , Global , Baltics

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Summary

Armenia’s economy continues to perform strongly. Prudent fiscal and monetary policies and ongoing structural reforms have contributed to double-digit growth in a low-inflation environment, a continued reduction in poverty, and a notable improvement in tax performance. The Poverty Reduction and Growth Facility (PRGF)-supported program is on track. Policy discussions centered around the appropriate monetary, exchange rate, and fiscal policy mix to maintain macroeconomic stability in the context of sizable foreign exchange inflows and on measures needed over the medium term to sustain and broaden economic growth.