ARMENIAN PRESIDENT SAYS GREATLY APPRECIATES IMF ASSISTANCE TO ARMENIA

ARKA
Nov 21, 2008

YEREVAN, November 21. /ARKA/. Armenia would not be able to achieve
economic success without IMF assistance, RA President Serzh Sargsyan
said today during his meeting with IMF Deputy Managing Director
Murilo Portugal.

Sargsyan thanked the fund for its contribution to Armenia’s economic
progress and stability, the RA President’s Press Service reports.

The president greatly appreciated the IMF Poverty Reduction and Growth
Facility program (PRGF). The Executive Board of the International
Monetary Fund (IMF) approved on November 17 a three-year SDR 9.2
million (about US$13.6 million) arrangement under PRGF for the Republic
of Armenia to support the government’s economic programs by 2011.

In his turn, Portugual pointed out Armenia’s economic achievements
for the past 15 years, saying IMF is eager to cooperate with Armenia
and help the country achieve success.

The IMF deputy managing director and the RA president touched upon
the impact of the global financial challenges and shared views on
precautions to limit the effects of the financial crisis and possible
attraction of extra investments.

Sargsyan said the current hardship could increase the effectiveness
of tax reforms and boost the management system.