Comments and suggestions were provided by Konstantin Atanesyan , Ani Balabanyan , David Davtian , Mohammad Reza Ghasimi , Karen Grigorian , Susanna Hayrapetyan , Artak Kyurumyan , Heath McDonald , Naira Melkumyan , Gayane Minasyan ...
Public Expenditure Review of Armenia
Armenia’s third review under the Stand-By Arrangement and its request for Waiver of Nonobservance of Performance Criterion are discussed.
This book is intended to explain the factors underlying the stellar growth record that has led to Armenia's emergence as the Caucasian Tiger and to provide policy advice to the Armenian authorities to ensure the continuation of this growth.
All but one of the December 2002 quantitative performance criteria were met, and all structural measures envisaged for implementation up until February 2003 have been carried out or implemented as a prior action for the third review.
This paper discusses Republic of Armenia’s Second Review Under the Stand-By Arrangement, Requests for Augmentation of Access, Modification of Performance Criteria, and Monetary Policy Consultation Clause.
The staff report for the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on the Republic of Armenia highlights economic developments and the macroeconomic framework.
They emphasized the need to improve monetary stance, the legal financial sector framework, and banking supervision. They agreed that Armenia has successfully completed the fourth review under the PRGF program, and approved waiver.
The monetary policy framework’s focus on price stability has served Armenia well.
Armenia’s growth has picked up in 2011, led by manufacturing, mining, and services, while agriculture has rebounded from the collapse.
Real GDP growth rebounded strongly in 2021 and early 2022, driven by a pickup in construction, trade, and services activities, and benefiting from strong policies and a gradual improvement of the pandemic, notwithstanding its various waves.