Cover IMF Working Papers
Supporting Sustainable Financing and Access to Finance in Armenia
Author:
Maria Atamanchuk
Search for other papers by Maria Atamanchuk in
Current site
Google Scholar
PubMedClose
and
Kiichi Tokuoka
Search for other papers by Kiichi Tokuoka in
Current site
Google Scholar
PubMedClose
Series:
IMF Working Papers
Volume/Issue:
Volume 2023: Issue 004
Language:
English
Publication Date:
13 Jan 2023
DOI:
https://doi.org/10.5089/9798400218057.001
ISBN:
9798400218057
ISSN:
1018-5941
Pages:
27
Keywords:
Inward FDI; access to finance; financial inclusion; face challenge; sustainable financing; inward foreign direct investment; financing in Armenia; Armenia's share; Foreign direct investment; Business environment; Capital inflows; Loans; Global; Europe; Middle East and Central Asia
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Download PDF (2.4 MB) Download Epub
In Armenia, both external and domestic financing face challenges. Armenia’s share of inward foreign direct investment (FDI) in private external financing has declined significantly over the past decade. Access to domestic finance in Armenia is also moderate and masks important disparities. Against this background, this paper analyses the determinants of inward FDI and examines the impediments to increasing access to domestic finance. The paper confirms empirically that governance-related structural factors have a significant impact on inward FDI. Similar structural factors, informality and poor accounting practices are reported among major challenges for increasing access to finance for firms in Armenia. This paper finds that to improve financing in Armenia include: implementing structural reforms to improve the business environment, maintaining prudent macroeconomic policies, strengthening financial reporting, and improving financial inclusion through reduced informality in the economy.
  • Collapse
  • Expand
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2023: Issue 004