Republic of Armenia: Fifth Review Under the Poverty Reduction and Growth Facility and Request for Extension of the Arrangement

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 136

Publication date: May 2004

ISBN: 9781451801477

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Topics covered in this book

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Banks and Banking , Exports and Imports , Public Finance , Industries - Energy , Public Policy - Social Services and Welfare , ISCR , CR , staff appraisal , rate of inflation , PRGF loan , net credit , rate of inflation in April , priority expenditure , Armenia's PRGF arrangement , Energy sector , Poverty reduction strategy , Global

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Summary

This paper examines Armenia’s Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) and Request for Extension of the Arrangement. Performance under the PRGF-supported program since mid-2003 has been satisfactory: the authorities met all quantitative targets and implemented most of the envisaged structural measures. Tax revenue collection was somewhat disappointing in 2003, although it has improved in early 2004. Future growth in Armenia will increasingly depend on the ability of the banking system to mobilize and allocate domestic savings.