PM MEETS IMF RESIDENT REPRESENTATIVE

ArmenPress
June 3 2004

YEREVAN, JUNE 3, ARMENPRESS: Prime minister Andranik Margarian received
today James McHugh, IMF resident representative, who briefed him on
a recent meeting of IMF Board of Directors and discussed also future
cooperation plans between the lending organization and Armenian
government.

McHugh was quoted by the government press office as saying that he
was happy to inform the prime minister about the growing confidence
of the IMF in Armenia. “IMF Board of Directors is pleased with the
ongoing economic progress of your country,” he was quoted as saying.

McHugh said IMF is completing its current program in Armenia in
June. After reviewing the fulfilled work in September, the Board
of Directors will consider release of a new aid, he said. McHugh
said the successful accomplishment of previous programs inspires
hopes that the current one will also be a success. Other economic
development-related issues were discussed during the meeting.

According to deputy finance and economy minister, Atom Janjukhazian,
Armenia’s foreign debt as of December 31, 2003 stood at almost $1.1
billion, constituting 39.3 percent of the GDP. Around $875 million
were the government’s direct credit liabilities, $214.6 million were
credit liabilities of the Central Bank and $73 million were credit
guarantees of the government.

Armenia paid last year around $141 million to service its foreign debt.

From: Emil Lazarian | Ararat NewsPress