IMF allocates 34.2m dollars for economic growth in Armenia

IMF allocates 34.2m dollars for economic growth in Armenia

Public Television of Armenia, Yerevan
27 May 05

[Presenter] The executive council of the International Monetary Fund
on Wednesday [25 May] approved a quarterly programme on allocating a
34.2m-dollar loan to Armenia. The first 5m dollars of the allocated
loan will be sent to Yerevan in the near future.

The funds are earmarked for reducing poverty and securing economic
development in the country. According to IMF experts, the
implementation of this programme would be easier if the volume of
taxes collected from GDP increased. The correlation between taxes and
GDP has not been higher than 15 per cent in our country over the last
few years [as heard]. The goal of this programme is to organize
reforms in the tax and customs sphere.

[Passage omitted: the IMF permanent representative held a news
conference]