Messenger.ge, Georgia

Friday, September 21 , 2007, #180 (1447)

IMF satisfied with Armenia’s economic development

By M. Alkhazashvili
(Translated by Diana Dundua)

IMF analysts concluded after a five-day visit to Armenia that positive
economic results, combining high economic growth with low inflation
and gradual tax increase, will continue throughout 2008 and beyond.

The success of the Armenian economy was put down to a good business
climate for foreign investments, the news agency Regnum writes.

Much of the development there is driven by remittances and foreign
cash infusions, which are pushing up inflation and the value of the
national currency, the team found, though not drastically so.

In a meeting with Lorenzo Perez, deputy director of the IMF Middle
East and Central Asia Department, Armenian President Robert Kocharian
thanked the IMF for supporting its economic reform process.

`The only correct way for the country to develop is by effective
reforms and we are totally ready to continue this way,’ Kocharian
said.

Perez commented that the main problem Armenia faced was moving on to
the next stage of development.