On December 7, 2012, the Executive Board of the International Monetary Fund (IMF) concluded the 2012 Article IV Consultation with Armenia.1 The Board also discussed an Ex Post Assessment of Armenia’s long-term involvement with Fund-supported programs.2 On the same day, the Board also completed the fifth review of Armenia’s economic performance under program supported by Extended Fund Facility and Extended Credit Facility arrangements (see Press Release No. 12/478).
Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm.
An EPA is required for all members having longer-term program engagement with the Fund. EPAs are intended to provide an opportunity to step back from continuing program relations to consider an analysis of the economic problems facing the country, review progress under Fund-supported programs, and draw forward-looking lessons for future Fund engagement.