Armenian President Serzh Sargsyan said at a meeting with the head of
the IMF mission in Armenia, Mark Louis, and deputy chairman of the IMF
in Armenia, Giermo Tolosoy, that 2010 will be a very active year for
the republic from the economic restoration point of view, News Armenia
reports.
Sargsyan was satisfied with the visit of Louis to Armenia. For his
part, Louis informed the president about agreements achieved between
the IMF and the government, in particular the 3-year program of
financing and crediting. The sides discussed steps towards Armenian
economic development and the main trends of economic policy.
According to Louis economic conditions are still not perfect, but the
Armenian economy is gradually improving, the financial sector is firm
enough and the country’s finances are well-managed.
The sides discussed inflation coping issues, business environment
improvement, solution of poverty problems. Louis informed the
president about the criteria for financial aid based on the new
cooperation program with the IMF, to be approved by the Council of the
Fund.
The executive council of the IMF will consider the program of
accessible financing for Armenia, amounting to $392 million. The
program will offer easier terms than the Stand-By Arrangement and is
based on two programs – the ECF/EFF (Extended Crediting Facility and
Extended Financing Facility), providing preferential terms of resource
supplying.
