YEREVAN (Arka)—The International Monetary Fund (IMF) is ready to continue cooperation with Armenia and to help it enforce more structural reforms, IMF Managing Director Christine Lagarde said during a meeting with Armenian Prime Minister Hovik Abrahamian in Washington, the Armenian government press service said Tuesday.

 

She was quoted as saying that Armenia is a reliable partner and the IMF will continue to cooperate with it, to promote structural reforms aimed at economic development of the country. Lagarde also said that “the IMF is home to all, and Armenia is a full-fledged member of that family.”

Abrahamian, in turn, praised the cooperation between Armenia and the IMF and the latter’s contribution to the economic development and institutional reforms in Armenia.

“The IMF has been and remains an important partner of Armenia. Macroeconomic stability has been our most important achievement, due also to the IMF support,” he said.

According to the prime minister, the IMF’s new three-year development strategy for Armenia, approved earlier this year by IMF Board of Directors, represents a new stage of development for the Armenian economy. He expressed confidence that the implementation of this program will take Armenia closer to “the camp of countries with emerging markets.”

Abrahamian said that the government is determined to continue reforms in various fields, aimed at developing the economy and improving the country’s competitiveness.

On March 7 the Executive Board of the International Monetary Fund approved a 38-month SDR 82.21 million (about US$127.6 million, or 89.4 percent of Armenia’s quota) Extended Fund Facility (EFF) arrangement with the Republic of Armenia to support the authorities’ economic program.

The program aims to support a rebound in economic activity, further progress in poverty reduction, inflation stabilisation, and a reduction in outstanding fiscal and external vulnerabilities.