YEREVAN, September 19. /ARKA/. Prime Minister Tigran Sargsyan received Tuesday a delegation led by Head of International Monetary Fund (IMF) Armenia Mission Mark Horton.
Welcoming the guests at the Government, the Prime Minister expressed contentment over the successful implementation of joint projects. “It is important that we fully comply with our fiscal obligations. The registered budget deficit was lower than expected, inflation remained as planned, and economic growth was better than we had planned.”
Mark Horton briefed the Prime Minister on the implementation process of the Fund’s three-year-long “Extended Fund Facility” and “Extended Credit Facility” programs.
“This mission aimed to hold debates on economic policy and implement the 5th final inspection of the programs. We agree that Armenia has showed positive developments. I would like to praise the government and our colleagues at the Central Bank for the implemented work, especially in terms of the economic growth rate, which is higher than predicted, given the unfavorable developments in the region and the world. The budget execution is also impressive, especially compared to European and neighboring countries. It is also important to note that at the moment the inflation rate is very low,” said the Head of the International Monetary Fund Armenia Mission.
Mr. Horton added that although Armenia has registered significant progress in a number of spheres, however, there is still a lot of work to be done.
The parties discussed the main directions of Armenia’s economic policy and the prospects for economic development.
The Prime Minister referred to the State Revenue Committee’s ongoing reforms directed at the simplification of tax and customs administrations. In particular, a new system will be introduced at the beginning of 2013, according to which the economic entities must submit all the income tax reports electronically, which aims to improve the business environment, reduce the physical interaction and risk-based supervision significantly.
The sides also discussed a wide range of issues related to the bilateral cooperation.
In the first seven months of this year Armenia’s GDP grew by 5.5 percent year-on-year, according to official numbers. The inflation in July rose by 2.3 percent from a year before. -0-