The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This paper reviews economic developments in the Republic of Armenia during the 1990s. Real GDP declined by a cumulative 60 percent in 1992-93; price changes reached hyperinflation levels in late 1993; and real wages declined by nearly 50 percent in the course of that year. In the fall of 1994, the authorities formulated a comprehensive program of stabilization and structural reform that was supported in December 1994 by a first purchase under the Systemic Transformation Facility.