IMF: boosting diversification and improving economic complexity and sophistication of products and services important for Armenia

YEREVAN, September 8. /ARKA/. Boosting diversification and improving the economic complexity and sophistication of products and services produced in Armenia will be essential, Jihad Azour, Head of Middle East and Central Asia Department at the International Monetary Fund (IMF), said in an exclusive interview with ARKA news agency.

He said this will require completing a broad set of structural reforms, such as improving the quality of infrastructure, including transport networks and telecommunications, reducing nontariff barriers including documentary and border costs, investing in health, and strengthening education and research. 

Azour said that in his meetings with Armenia's policymakers during his recent visit, the latter widely acknowledged the need to facilitate export-led and knowledge-based growth in Armenia.

'This is one of the objectives of the Government’s 2021-26 program. It is not as much about investing in specific sectors as it is about developing a strategic approach to help Armenia’s economy to pivot towards external demand,' he said. -0-