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Mr. Christian H. Beddies, Mr. Enrique A Gelbard, Mr. James McHugh, Ms. Laure Redifer, and Mr. Garbis Iradian


Fiscal consolidation has been the cornerstone of Armenia’s successful stabilization. Between 1995 and 2000, the fiscal adjustment was primarily an expenditure-based phenomenon, and the quasi-fiscal sectors (energy, water, and irrigation) remained a major source of subsidies, arrears, and contingent liabilities. By 2000, Armenia still had a sizable fiscal deficit, a weak tax base, and a large stock of domestic and external expenditure arrears. Since 2001, the authorities have renewed their efforts to rein in lax expenditure controls and fiscal and quasi-fiscal deficits. From the point of view of fiscal consolidation and macroeconomic stability, these policies were remarkably successful. Fiscal deficits declined, debt sustainability indicators improved, and both domestic and external expenditure arrears were eliminated. Furthermore, the quasi-fiscal deficit was progressively reduced.