ARMENIAN PRIME MINISTER: ARMENIA HAS RESTORED MACROECONOMIC STABILITY

ArmInfo
2010-04-01 14:21:00

ArmInfo. Armenia has restored macroeconomic stability and strengthened
the financial system over the year, Prime Minister Tigran Sargsyan
told the government on Thursday.

He said Armenia can rely on the IMF loans in the amount of $150
million promised for 2010 as well as other donors. "The IMF approved
the Armenian Government’s report on cooperation, which means that our
program will receive the planned financial assistance of nearly $150
million. This also means that all our international programs have been
approved," Tigran Sargsyan said. The government and the IMF agreed
that all the macroeconomic indicators for 2010 will have a neutral
impact on inflation. In addition, the prime minister said, if the
current rates of tax collection are maintained, this will restrain
the inflation pressure. The Armenian Central Bank is toughening its
financial instruments to restrain inflation.

The prime minister said that real expenditures of the Armenian budget
for Q1 2010 totaled 167 billion drams versus the envisaged 180 billion
drams. Budget deficit totaled 8.2 billion drams for Q1 versus the
envisaged 32.8 billion drams, which will also have a positive impact on
inflation restraint. Tigran Sargsyan said that the accumulated reserves
of the Armenian Central Bank exceed 150 billion drams and these funds
alongside with the funds of the stabilization funds can be used to
settle social and economic problems in the country if necessary. "Our
macroeconomic stability has been restored over the year and the
financial system has been strengthened," the prime minister said.