ACCORDING TO SERZH SARGSYAN, WITHOUT IMF’S SUPPORT ARMENIA WOULD FAIL TO ACHIEVE GREAT SUCCESS

Noyan Tapan

Nov 21, 2008

YEREVAN, NOVEMBER 21, NOYAN TAPAN. During the meeting with the
Deputy Managing Director of IMF Murilo Portugal on November 21, the
Armenian President Serzh Sargsyan expressed a high opinion about IMF’s
efforts to assist Armenia with economic development and stability. He
said that without this support Armenia would fail to achieve great
success. He also expressed his satisfaction at the approval of the
Poverty Reduction and Growth Facility (PRGF) arrangement by the
Executive Board of IMF recently.

Noting that in the past 15 years Armenia has reached serious economic
achievements, recording an impressive growth, M. Portugal said that
they are glad to be a partner of Armenia and make part of this success
by providing financial assistance and advice.

According to the RA presidential press service, the global financial
and economic crisis was discussed at the meeting. In the words of
M. Portugal, it poses a serious challenge to each country. The sides
exchanged ideas about raising Armenian economy’s resistibility under
these conditions, the steps envisaged by the goverment to reduce the
impact of the crisis, and the possibility of attracting additional
financial resources. S. Sargsyan said that the existing difficulties
are an extra stimulus for promoting the reforms in tax policy and
administration sector and improving the efficiency of the government
system.