Republic of Armenia:Third Review under the Stand-By Arrangement and Modification of Performance Criteria-Press Release; Staff Report; Staff Supplement; and Statement by the Alternate Executive Director for the Republic of Armenia

Author: International Monetary Fund. Middle East and Central Asia Dept.

Third Review under the Stand-By Arrangement and Modification of Performance Criteria-Press Release; Staff Report; Staff Supplement; and Statement by the Alternate Executive Director for the Republic of Armenia

Volume/Issue: Volume 2020 Issue 318

Publication date: December 2020

ISBN: 9781513549835

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , IMF staff calculation , positivity rate , commercial bank support , SME support program , October data , government intervention , data availability , reform effort , COVID-19 , Public investment and public-private partnerships (PPP) , Budget planning and preparation , Global , Europe , North America , Baltics

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Summary

Armenia’s economy has been hit hard by twin shocks: the COVID-19 pandemic (now in its second wave), and the recent military hostilities involving the Nagorno- Karabakh conflict zone. Reflecting these shocks, growth is expected at -7¼ percent this year, with the fiscal deficit and debt rising considerably. Nonetheless, the authorities have responded promptly with healthcare and anti-crisis measures to limit the pandemic’s impact while protecting vulnerable groups and safeguarding macroeconomic stability.