IMF ADVISOR STATES AMD APPRECIATION HAS POSITIVE IMPACT
By Ara Martirosian

AZG Armenian Daily
01/06/2007

A senior official of the International Monetary Fund (IMF) has said
today that around a 25 percent appreciation of Armenia’s national
currency-Dram-against US Dollar and other hard currencies in the last
two years, has had a significant and a very positive impact on the
country’s macroeconomic situation.

The assessment came from David Owen, a senior advisor of the IMF
Middle East and Central Asia Division, who spoke today in Yerevan
to media. As a proof he cited an average annual 20 percent growth in
exports, saying the preliminary economic indices of the first months
of the year show that the positive growth will go on.

"As a result of transfers the governments themselves decide what kind
of a policy to pursue," he stressed, adding that "We believe that
the flexible exchange regime, executed by the government of Armenia,
along with strict taxation and budget policy have promoted low-level
inflation and high economic growth,’ he said.

David Owen suggested that the government should place more efforts
on revenue collection, which he said is still on low level and also
to expand tax base by improving taxation administration.