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| 14:09:37 | 08-07-2005 | Official |

DEVELOPMENT WITH ICF

RA Ambassador Extraordinary and Plenipotentiary Tatoul Margaryan met the
International Currency Fund deputy director Mr. Ogustin Carstens on the
threshold of Mr. Carstens’ visit to Armenia.

During the meeting Mr. Carstens highly appreciated the reforms in the
Armenian economy the result of which is the stable economic growth,
reduction of poverty and deflation of the national currency.

Ambassador Margaryan found the support of the International Currency Fund to
Armenia important mentioning that the Armenian authorities will continue to
cooperate with the Fund.

Mr. Carstens mentioned that in order to familiarize with the reforms in
Armenia he will visit the country himself and voiced confidence that his
visit will be efficient.