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International Monetary Fund. Middle East and Central Asia Dept.

Third Review under the Stand-By Arrangement and Modification of Performance Criteria-Press Release; Staff Report; Staff Supplement; and Statement by the Alternate Executive Director for the Republic of Armenia

International Monetary Fund. Middle East and Central Asia Dept.

Second Review Under the Stand-By Arrangement, Requests for Augmentation of Access, Modification of Performance Criteria, and Monetary Policy Consultation Clause-Press Release; Staff Report; Staff Supplement; and Statement by the Alternate Executive Director

International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Republic of Armenia’s Second Review Under the Stand-By Arrangement, Requests for Augmentation of Access, Modification of Performance Criteria, and Monetary Policy Consultation Clause. Following a strong performance in 2019, the Armenian economy was hit hard by the coronavirus disease 2019 pandemic. The government has proactively responded to the crisis, adopting widespread containment measures while supporting vulnerable individuals and firms in the most affected sectors. The fiscal deficit is projected to widen considerably in 2020, reflecting the impact of the cycle on revenues and higher current spending for healthcare and economic support to vulnerable households and firms. The authorities are committed to pursuing their medium-term goal of debt sustainability once the crisis abates, and public debt is expected to decline over the medium-term in line with Armenia’s fiscal rule, while maintaining space for investment and social spending. The augmentation of access under the Stand-by Arrangement will provide much needed support, allowing the authorities to mitigate the pandemic and support affected households and businesses.
International Monetary Fund. Middle East and Central Asia Dept.
Armenia’s economy has been hit hard by twin shocks: the COVID-19 pandemic (now in its second wave), and the recent military hostilities involving the Nagorno- Karabakh conflict zone. Reflecting these shocks, growth is expected at -7¼ percent this year, with the fiscal deficit and debt rising considerably. Nonetheless, the authorities have responded promptly with healthcare and anti-crisis measures to limit the pandemic’s impact while protecting vulnerable groups and safeguarding macroeconomic stability.
International Monetary Fund. Middle East and Central Asia Dept.

Second Review Under the Stand-By Arrangement, Requests for Augmentation of Access, Modification of Performance Criteria, and Monetary Policy Consultation Clause-Press Release; Staff Report; Staff Supplement; and Statement by the Alternate Executive Director

International Monetary Fund. Middle East and Central Asia Dept.

Third Review under the Stand-By Arrangement and Modification of Performance Criteria-Press Release; Staff Report; Staff Supplement; and Statement by the Alternate Executive Director for the Republic of Armenia