The postcrisis recovery in Armenia has accelerated, but challenges remain. Economic policies have been broadly consistent with IMF advice. Credit growth has been strong, especially in foreign currency (FX). The banking system is sound. The central bank (CBA) is improving the regulatory and supervisory framework in line with Financial Sector Assessment Program (FSAP) recommendations. Risks are mainly on the downside and come from potential external shocks, political uncertainties, and regional conflicts. Strong adjustment is continuing in 2012 with the deficit again expected to be lower than budgeted.2012 Article IV Consultation and Fifth Reviews Under the Extended Fund Facility and Under the Extended Credit Facility ... Waiver and Modification of Performance CriterionaStaff Report; Press Release; Public Information Notice; and Statement by ... The 2013 budget will aim at a headline deficit of 2.6 percent of GDP with a further 0.9 percentage point increase in the ... As repayments to external lenders commence soon, we will closely monitor borrowers to ensure timely debt service.
|Title||:||Republic of Armenia|
|Author||:||International Monetary Fund. Middle East and Central Asia Dept.|
|Publisher||:||International Monetary Fund - 2013-02-05|