Republic of Armenia: Second Review Under the Extended Arrangement and Request For Waivers of Nonobservance and Rephasing—Informational Annex

This paper discusses Armenia's Second Review Under the Extended Arrangement and Request for Waivers of Nonobservance and Rephasing. Since late 2014, Armenia's economic performance has been affected by significantly weaker external conditions, as the slowdown of the Russian economy, the weakening of the ruble, lower metals prices, and the strengthening of the dollar have led to pressures on external receipts, particularly remittances. Performance under the program has come under strain. Three performance criteria (PCs) were missed both at end-December 2014 and end-June 2015. The authorities are requesting waivers of nonobservance for the missed June and continuous PCs. The IMF staff supports completion of the review.

Abstract

This paper discusses Armenia's Second Review Under the Extended Arrangement and Request for Waivers of Nonobservance and Rephasing. Since late 2014, Armenia's economic performance has been affected by significantly weaker external conditions, as the slowdown of the Russian economy, the weakening of the ruble, lower metals prices, and the strengthening of the dollar have led to pressures on external receipts, particularly remittances. Performance under the program has come under strain. Three performance criteria (PCs) were missed both at end-December 2014 and end-June 2015. The authorities are requesting waivers of nonobservance for the missed June and continuous PCs. The IMF staff supports completion of the review.

Fund Relations

(September 30, 2015)

Membership Status:

Joined 05/28/1992; Article VIII

article image

SDR Department:

article image

Outstanding Purchases and Loans:

article image

Latest Financial Arrangements:

article image

Projected Payments to Fund

(SDR million; based on existing use of resources and present holdings of SDRs)

article image

Safeguards Assessment

An update assessment was concluded in August 2014 with respect to the Extended Credit Arrangement approved in March 2014. According to the update assessment, the Central Bank of the Republic of Armenia (CBA) maintains safeguards in its financial reporting practices, the external audit mechanism, and the internal audit function. The assessment recommended changes to be made in the functioning of governance bodies to ensure the necessary independent and effective oversight of executive functions and audit mechanisms. Following the assessment, the CBA has adopted a charter that outlines the roles and responsibilities of its Board members.

The CBA and MOF have made progress in implementing the recommendations of the most recent Safeguards Assessment, but further work remains. The CBA has adopted a charter for its board members to clarify roles and responsibilities. The CBA has investments in enterprises engaged in financial sector development and infrastructure, including a credit card processing company, a mortgage finance company, and a cash collection agency. The CBA has worked with its external auditors to present a consolidated position inclusive of these enterprises and an annex to its annual report describing the rationale for the investments and management of the enterprises. In the future, the annex should cover risks, risk-mitigation efforts, or divestment strategies. Also, pending legislation to provide the CBA with marketable, interest-bearing government securities to cover losses has not advanced in parliament.

Exchange Rate Arrangement

The de jure arrangement is “free floating.” The de facto arrangement was reclassified to “floating” from a “stabilized arrangement,” effective March 3, 2009. More recently, and following a sequence of interventions to rebuild reserves in the last three quarters of 2013, the de facto exchange rate arrangement has been reclassified from floating to crawl-like arrangement, effective March 12, 2013. This reflected the appreciation of the Armenian dram within a 2 percent band against the U.S. dollar during the last three quarters of 2013. The official exchange rate is quoted daily as a weighted average of the buying and selling rates in the foreign exchange market.

Armenia maintains two multiple currency practices. The first MCP arises from a 2007 agreement between the MOF and CBA to settle some budgetary transactions at an agreed accounting ER throughout the fiscal year. The second The second MCP emerged when the authorities modified the budgetary ER framework in March this year to provide for conversion of funds to make a September 2015 Eurobond coupon payment at a March ER. This constituted a new MCP, as no provision was made to ensure that the September FX purchases under the modification did not deviate from the prevailing ER at the time of the transaction by more than 2 percent. The authorities are requesting a waiver of nonobservance in respect of the second MCP based on the temporary nature of the deviation. However, the authorities are not requesting and staff does not recommend the Board’s approval to maintain either MCP.

Armenia maintains no other multiple currency practices or exchange restrictions on the making of payments and transfers for current international transactions except for exchange restrictions maintained for security reasons and notified to the Fund pursuant to Executive Board Decision No. 144-(52/51).

Article IV Consultations

The 2014 Article IV consultation with Armenia was concluded on December 22, 2014. Armenia is subject to a 24-month consultation cycle.

FSAP Participation and ROSCs

A joint World Bank-IMF mission assessed Armenia’s financial sector as part of a Financial Sector Assessment Program (FSAP) update during February 1–14, 2012. The Financial Sector Stability Assessment (FSSA) report was approved by the Executive Board in June 2012. The most recent previous FSAP update took place in 2005.

Resident Representative

Ms. Teresa Daban Sanchez, since August 2013.

Technical Assistance

The following table summarizes the Fund’s technical assistance (TA) to Armenia since 2010.

Armenia: Technical Assistance from the Fund, 2010–15

article image
article image

World Bank and IMF Collaborations—JMAP Implementation

(As of September 30, 2015)

article image
article image
article image

Relations With the European bank For reconstruction and Development (EBRD)

(As of September 28, 2015)

1. EBRD investments in Armenia reached a record high in 2014, including €114 million of new investments through 18 projects, a tripling of trade finance to over €50 million. EBRD total commitments at the end of September 2015 were €906 million, with an outstanding portfolio, primarily in the private sector, of €296 million in the power, transport, agribusiness, municipal and infrastructure, manufacturing and services, property, telecommunications, and financial sectors.

2. The EBRD has been active in municipal infrastructure and urban transport. During the last 4 years the EBRD has provided nearly €20 million in sovereign loans to achieve the following:

  • Within the framework of a second €5 million sovereign loan signed in 2012, support a further rehabilitation program for the Yerevan Metro, including measures to improve environmental impact, energy efficiency, and commercialization, such as elimination of water ingress into the system through energy efficient pumps, development of a modern management information system and signing of a public service contract between the company and the city.

  • Construct a new bridge at Bagratashen, to improve transit at the main border crossing between Armenia and Georgia, as part of the EU’s Integrated Border Management regional initiative. The EBRD investment amounted to €10.3 million.

  • Construct the first EU-compliant solid waste landfill in Armenia. The loan was complemented by capital grant financing of €3.5 million provided by the European Union Neighbourhood Facility and represents the first project under the National Solid Waste Strategy of Armenia.

  • Yerevan Street Lighting project (€ 3.6 million) signed in May 2015, will introduce energy efficient lighting technologies in the 28 streets of the City, along with modern control system to serve the wider city during the years to come. This project is an important landmark as it is the first project to benefit an E5P grant facility (€ 1.9 million) since the facility became operational in Armenia in March 2015.

3. In the financial sector, the Bank has enhanced access to finance, particularly for micro, small, and medium enterprises (MSMEs), through an array of dedicated credit lines to commercial banks and micro-credit organizations, direct debt, mezzanine and equity investments, and complementary technical assistance, with a special focus on local currency. Armenia is also one of the countries where the Bank’s Local Currency and Capital Markets Development (LC2) Initiative has delivered its best and most visible results, setting the stage for further development of local capital markets.

Notable achievements include:

  • Signing 26 deals channelling €155.8 million to Armenian commercial banks and micro financing institutions for on-lending primarily to MSMEs, of which approximately €80 million has been disbursed in local currency, helping reduce vulnerability to exchange rate risk. These credit lines have contributed to over 300,000 MSME loans, totalling €868 million, committed by EBRD partner banks during the strategy period.

  • Developing both demand for and supply of energy efficiency investments through credit lines issued under the Caucasian Energy Efficiency Programme (CEEP), and extending its scope beyond corporates to include retail lending. Since 2013, six Armenian banks and one credit organisation have joined the programme, signing more than €30 million in loans for on-lending to industrial and residential EE sub-projects.

  • In April 2011, the Bank concluded a memorandum of understanding with the Government to provide technical assistance in a number of areas related to local currency and capital markets development. Consistent progress has been made throughout the strategy period, including enhancement of the Central Bank of Armenia’s (CBA) inflation targeting capacity to better anchor monetary policy, partial implementation of a mandatory private pension pillar, and a number of measures designed to reduce dollarization.

  • Building on prior efforts to develop the local institutional and regulatory framework, in 2014 the EBRD issued its first bond in Armenian dram, with the proceeds on-lent to MSMEs through dram credit lines in the local banking system. As of September 2015, the Bank had issued €17.8 million equivalent in AMD of local currency bonds, including a AMD 6.75 billion US dollar-settled Eurobond, as well as three smaller AMD issues over the local exchange.

  • The Bank has also supported agribusiness and high value-added corporates through direct investment (debt, equity, mezzanine), typically combined with significant hands-on capacity building assistance, helping smaller clients grow their businesses by providing crucial financial and technical support to implement capex intensive business plans. During the last 4 years The Bank has signed 6 deals totalling €9.8 million in support of agribusiness, as well as delivered credit lines and technical assistance to two partner banks for on-lending to micro and small agribusinesses.

4. Through the Small Business Support (SBS) program, the EBRD delivered technical assistance and consulting services to over 1,100 Business Advisory Services (BAS) projects and 50 Enterprise Growth Program (EGP) projects since 2003, helping high quality companies (including a significant number of rural businesses) improve their financial reporting, management capacity and marketing. Within this effort, during the last three years, EGP has provided international expertise to 13 dynamic corporates, which has been particularly effective in helping them design and execute business development strategies. Over the life of the program, nearly 30 per cent of SBS clients secured financing within one year, 57 per cent hired additional employees, and over 91 per cent increased turnover.

5. The EBRD, together with other international financial institutions, supported the creation of the Caucasus Growth Fund in 2012 - the first dedicated fund to provide debt and equity to SMEs in the Caucasus region. Two promising equity investments have already been made in Armenia. Additionally, through the SBS program, the Bank conducted an extensive training-for-trainers course on investor relations and firm-level preparation for private equity.

6. In sustainable energy and mining (in addition to energy efficiency credit lines), the Bank has signed 3 deals (including 2 equity investments) totalling €27.4 million. The Bank has:

  • Provided a €19 million loan to International Energy Corporation (IEC) for the rehabilitation of seven small hydropower plants of the Sevan-Hrazdan Cascade, a project which also helped bring IEC’s technical standards in line with best international practice.

  • Signed two equity deals totalling €7.3 million with the Toronto-listed mining company, Lydian International. In addition to these investments, the Bank has engaged in a multi-faceted dialogue with an eye to developing a more comprehensive understanding of international standards, requirements and best practices in the global mining industry in Armenia. Lydian’s Amulsar mine project in Armenia was permitted in late 2014; if successful, this project could serve as an important benchmark for the sector, and a positive signal to international investors.

7. Finally, the Bank has coupled these investments with sustained policy dialogue across numerous areas:

  • The EBRD-supported Investment Council (IC) has played a positive role in improving the business environment, helping achieve significant regulatory improvements, including a turnover tax regime for small business and approval of a comprehensive risk-based inspection reform. The EBRD has provided material support to the IC Secretariat, thereby helping to provide a platform for dialogue, analysis, problem solving, and decision-making between the private sector and the Government on ways to improve the regulatory framework affecting private sector economic activity.

  • In e-Procurement the Bank has assisted the Government by helping prepare the comprehensive legal and regulatory changes needed to make the system EU compliant. E-tendering was launched on January 1, 2014, and other modules are in active states of preparation.

  • Finally, the Bank also prepared detailed recommendations in support of an EU compliant telecommunications regulatory framework, although to date implementation by the Government has been limited to number portability.

8. The EBRD’s current country strategy was approved in May 2012. The key priorities of the EBRD for the coming three years are: (i) developing the financial sector and improving access to finance; (ii) improving municipal and urban transport infrastructure; (iii) developing agribusiness and high value-added, export-oriented industrial companies; and (iv) improving the regulatory and institutional framework for sustainable energy and increasing value added in the mining sector. The new Country Strategy will be adopted in September 2015.

Relations With the Asian Development Bank (ASDB)

(As of October 1, 2015)

1. Armenia joined the AsDB in September 2005, and is currently eligible for financing from AsDB’s concessional Asian Development Fund (ADF), as well as its non-concessional Ordinary Capital Resources (OCR). AsDB’s first Country Partnership Strategy for Armenia for 2014–2018 (endorsed by AsDB’s Board on 27 January 2015) focuses on three sectors: (i) transport, (ii) water supply and other municipal services, and (iii) energy. In August 2014, AsDB’s Board approved the reclassification of Armenia for the purpose of access to ordinary capital resources and graduation from the ADF resources, effective January 1, 2017.

2. As of October 1, 2015, the AsDB cumulative sovereign lending amounted to $797.1 million. The Seismic Safety Improvement Program ($88.5 million), approved by the AsDB in September 2015, will support the government in seismic strengthening and renovating priority school buildings and in improving seismic safety planning and management competencies.

3. In 2014 AsDB approved a $37 million loan for the Power Transmission Rehabilitation Project to help the government diversify energy sources, and rehabilitate and upgrade electricity transmission and distribution networks. “Infrastructure Sustainability Support Program” ($49 million) approved in October 2014, will improve road and water service provision through results-based public management and financing reforms. The program will introduce a cross-sector approach, where sector and finance ministries collaborate at all four levels of results-based management—planning, budgeting, implementation, and monitoring.

4. In 2012 AsDB approved two public sector loans. The Women’s Entrepreneurship Support Sector Development Program, approved in October 2012, promotes gender-inclusive growth by improving the enabling environment and capacity of women entrepreneurs and MSMEs. The program includes two components: (i) a program loan ($20 million) supporting reforms related to improving the business environment for women; and (ii) a financial intermediation loan ($20 million) through the German-Armenian Fund in which medium-term local currency loans will be made by participating financial institutions to MSMEs, with at least 50% of the loans going to women’s MSMEs. In 2012, AsDB provided $40 million as additional financing for the Water Sector and Sanitation Sector Project, approved in 2007, for improving access to safe, reliable, and sustainable services in about 29 towns and up to 160 project villages, managed on commercial principles and with environmentally sound practices.

5. In 2011, ADB approved a $400 million multi-tranche financing facility (MFF) for the Sustainable Urban Development Investment Program, which aims to help Armenia upgrade its urban transport services, to improve living conditions, and bolster economic opportunities in 12 of the country’s major and secondary cities. In 2011, AsDB approved Tranche 1 for $48.64 million to improve and extend the urban infrastructure and to strengthen the institutional capacity in Yerevan.

6. In 2009, ADB approved a $500 million MFF to fund the North–South Road Corridor Investment Program. In 2009 AsDB approved Tranche 1 ($60 million) for improving the Yerevan-Ashtarak section of the road. Tranche 2 ($170 million) approved in 2010 finances the upgrade of the road between Ashtarak and Talin. In 2013 AsDB approved Tranche 3 for $100 million to finance continuing construction of the road to Gyumri (additional co-financing is provided by the European Investment Bank).

7. The Crisis Recovery Support Program Loans ($80 million), approved in July 2009, helped Armenia through the global financial crisis by allowing it to protect budgetary social spending and implement anti-crisis measures in a time of economic contraction and declining fiscal revenues.

8. In 2007, AsDB approved a $30.6 million loan for the Rural Road Sector Project to help the government upgrade 220 kilometers of rural roads. A supplemental financing of $17.32 million was approved in 2008 to address financial shortcomings of the project. A $36 million loan for the Water Supply and Sanitation Sector Project, approved in 2007, helped the government repair and replace water supply infrastructure in small towns and villages.

9. With the exception of the North-South Road Corridor Tranche 2 and Tranche 3 investment program loans, all approved sovereign loans are from the AsDB’s concessional ADF. The Tranche 2 and Tranche 3 loans for the North-South road are from the AsDB’s non-concessional OCR.

10. AsDB has approved three private sector projects a total of $130 million in non-sovereign financing in Armenia and one trade finance program. In 2013, ADB signed a $25 million loan with International Energy Corporation to rehabilitate and to improve the reliability and safety of Sevan-Hrazdan Cascade Hydropower, in a program cofinanced with the European Bank for Reconstruction and Development (EBRD). In November 2011, AsDB approved a non-sovereign lending program totaling $65 million for four commercial banks to expand lending to small and medium-size enterprises. One non-sovereign loan for $40 million was provided to Armenia International Airports for the Zvartnots Airport Expansion Project (Phase 2). The loan financed the construction of a new terminal building and purchase of equipment to supplement the existing concourse building, in a program cofinanced with EBRD and DEG (German Investment and Development Corporation). AsDB’s Trade Finance Program works with four banks in Armenia and has supported over $38 million in trade.

11. In addition to financing projects and programs, the AsDB is also involved in advisory services and capacity development. These include technical assistance programs for urban development in secondary cities, improved access to finance for women entrepreneurs, infrastructure sustainability, preparation of an investment forum, and solid waste management. Armenia is also included in a number of AsDB’s multi-country TA projects, providing assessments and development plans in topics of common interest across countries.

Statistical Issues

(As of May 31, 2015)

Background

1. Data provision by Armenia has shortcomings, but is broadly adequate for surveillance. In November 2003, Armenia subscribed to the Special Data Dissemination Standard (SDDS), and the overall quality, timeliness, and coverage of macroeconomic statistics have improved significantly over the past few years. The IMF has supported this process through TA from the Statistics Department (STA), the Fiscal Affairs Department (FAD), and the Monetary and Capital Markets Department (MCM). An April 2008 data ROSC mission prepared a detailed evaluation of the quality of macroeconomic statistics. A multi-topic statistics mission visited Yerevan in February 2010 to review progress with implementation of past recommendations and follow up on outstanding issues in national accounts, balance of payments, and monetary and financial statistics. A follow up STA mission in September 2010 provided further guidance, focusing on improving the accuracy of annual and quarterly GDP estimates. Further improvements in real, fiscal, and external sector statistics would be desirable to facilitate enhanced design and monitoring of economic policies.

Real sector statistics

2. The National Statistics Service (NSS) compiles and disseminates annual and quarterly national accounts. The NSS also compiles and disseminates annually a full set of accounts (up to financial accounts) for the total economy and by institutional sectors. As of 2015, the NSS has been preparing the national accounts under the methodology of the System of National Accounts 2008 (2008 SNA). GDP under this new methodology have been extended back to 2012, and there are plans to also cover earlier years..

3. The accuracy of the annual estimates of the national accounts is undermined by the lack of exhaustive source data for informal activities and of appropriate price and volume indicators, particularly for construction activities. Construction output volume measures are derived by deflating current values with a price index for output, which uses weights and base year prices from a survey in 1984. To improve volume measures of construction, the NSS has started compiling a new construction output price index based on more sound methodology. Until the new construction price index becomes available, the NSS should use other indicators for deriving construction aggregates at constant prices. The NSS should also implement new surveys to derive a proper benchmark for informal activities.

4. The production-side estimates at current prices are derived partially from cumulative source data (from business statistics surveys) and partially from discrete data sources. The NSS validates and reconciles data from different sources, but underlying problems associated with de-cumulating the cumulative output data distort the quarterly pattern. The NSS is currently working to produce GDP data at current and at constant prices to be fully in accordance with the SNA. The NSS received IMF TA on estimating quarterly GDP from discrete data sources only and is using statistical techniques that conform to international standards. Recent publications of the NSS have reflected this effort. The NSS has discontinued compiling GDP volume measures at the prices of the corresponding quarter of the previous year and instead adopted the recommendation of the IMF STA mission to compile only one set of quarterly GDP estimates—quarterly GDP at previous-year average prices—and derive time series through chain-linking. These estimates would be conceptually consistent with the annual data. They would also allow comparisons between different periods, which are essential for analysis of the business cycle. Since 2012, NSS has discontinued compiling GDP on average prices of 2005 and instead they just published GDP for 2009-2012 on average prices of year 2008. As of January 2011, the NSS also started compiling a monthly indicator of economic activity (IEA), following international best practices. The monthly GDP compilation was discontinued. The monthly IEA is an implicit volume index compiled by aggregation of monthly volume indices of output using gross output weights. The CPI covers 11 large population centers and Yerevan. Since January 2011, the CPI has been computed using 2010 weights. Concepts and definitions used in the compilation of the CPI are broadly in line with international standards; source data and compilation techniques are generally adequate. The NSS compiles a ten-day and a monthly CPI. The ten-day index and the monthly index are disseminated jointly. A February data 2009 ROSC mission recommended development of an approach to include household expenditure on owner-occupied dwellings in the CPI calculations.

Government finance statistics

5. The budget execution reporting system compiles government finance data on a cash basis, supplemented with monthly reports on arrears and quarterly reports on receivables and payables. Daily revenue and cash expenditure data for the central government are available with a lag of one to two days and monthly data on central government operations are disseminated one month after the reporting period. The ministry of finance (MoF) is undertaking a comprehensive reform of the treasury system, including the introduction of an internal auditing system in line ministries and their respective budgetary institutions. A treasury single account (TSA) was introduced in 1996, and all bank accounts held by budgetary institutions were closed, except for project implementation units (PIU) that are required by donors to operate with commercial bank accounts. Since 2010 these PIU accounts also are being moved gradually to the TSA. Starting in 2002, some budgetary institutions have been converted into “noncommercial organizations” (NCOs). These units have been taken out of the treasury system and have their own bank accounts, but since 2003 report data on cash flows and balances to the MoF. The February 2009 ROSC report recommended including NCOs in the government finance statistics data published on national websites. These exceptions notwithstanding, all government receipts and payments are processed through the TSA, although there are still shortcomings on the timeliness and quality of data on the operations of local governments.

6. The budget presentation and the classification of items under the economic and functional classification of expenditures need to be made more transparent; for instance, the data have been subject to frequent reclassification, and wages for military personnel, teachers, and doctors are reported in the category of goods and services and other expense, rather than as a wage item. The February 2009 ROSC report recommended using market value rather than face value for financial assets other than loans, and for nonfinancial assets. The reconciliation of central government with general government operations is done by the NSS in cooperation with the MoF.

7. Since 2008, government finance statistics meet the classification requirements of the Government Finance Statistics Manual 2001 (GFSM 2001) for the central government.

Monetary and financial statistics

8. Monetary and financial statistics are provided on a timely basis. Data on the accounts of the CBA are provided daily with a one-day lag, while monthly data on the monetary survey are provided with a three-week lag (and preliminary weekly data with a one-week lag). The balance sheets of the CBA and of the deposit money banks follow IAS methodology. Monthly interest rate data are provided with a one-week lag.

9. Responding to an IMF STA request, the CBA has compiled and submitted a complete set of monetary data beginning from December 2001 using standardized report forms (SRF). STA validated the resulting monetary aggregates, and the data have been published since the December 2006 issue of IFS Supplement and are used to update IFS. An integrated monetary database has also been established by STA to share the SRF data with the IMF’s Middle East and Central Asia Department. The CBA also produces the financial soundness indicator table every month, published on both the IMF and CBA websites.

External sector statistics

10. In 2009, the Armenian authorities decided to transfer the responsibility for compiling the balance of payments, international investment position (IIP), and external debt statistics from the NSS to the CBA. The February 2010 STA mission provided advice on an action plan aimed at ensuring a smooth institutional transfer of responsibility, as well as consistency and continuity in the production of the external sector statistics. The responsibilities of compiling external sector statistics were de facto transferred to the CBA in January 2011, and since then, the CBA has compiled balance of payments, external debt, and IIP data for 2011. The transfer of responsibilities was smooth and during the short period after the transfer, the CBA undertook a number of important actions aimed at improving the compilation system. A follow up IMF STA mission in October 2011 undertook a comprehensive assessment of the institutional arrangements, data sources, methodology, and compilation practices for external sector statistics employed by the CBA, and advised on areas for improvement including further developing data sources and compilation practices.

11. The coverage of external sector data has improved in recent years, although some recent delays have emerged with the transitions towards the Eurasian Economic Union (EEU). Trade statistics are provided on a timely basis, and trade data by origin, destination, and commodity are generally available within a month. However, reporting problems have arisen in 2015 with EEU trade data. Price data for exports and imports are less readily available. Quarterly balance of payments statistics are generally available with a three-month lag. However, for remittances, there are considerable discrepancies among available source data. Remittance data obtained from surveys are considerably lower than data obtained through the money transfer system. The absence of a comprehensive, continuously updated business register hampers the coverage of transactions and institutional units; in particular, the coverage of the financial account items for the private nonbank sector. There are also concerns with regard to the collection of data on international trade in services, specifically on import of services. The CBA is currently considering the implementation of an international transactions reporting system that would allow for collecting data on all cross-border payments and receipts going through the banking system.

12. Quarterly data on the international investment position are published by the CBA within one quarter after the reference period, and the annual data within two quarters; and are also provided for publication in IFS.

Armenia: Common Indicators Required for Surveillance

(As of October 6, 2015)

article image

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); and Not Available (NA).

Republic of Armenia: Second Review Under the Extended Arrangement and Request for Waivers of Nonobservance and Rephasing; Press Release; Staff Report; Supplement; and Statement by the Executive Director for the Republic of Armenia
Author: International Monetary Fund. Middle East and Central Asia Dept.