SERZH SARGSYAN: ARMENIA TO ENJOY ECONOMIC RECOVERY THIS YEAR

/ARKA/
May 20, 2010
YEREVAN

YEREVAN, May 20. /ARKA/. Armenian President Serzh Sargsyan thinks
that Armenia will enjoy economic recovery this year.

He thinks that indicators of the first four months of this year give
ground for thinking so.

"Along with that, we should continue reforms this year," the
presidential press office quoted the head of state as saying Wednesday
at his meeting with Mark Lewis,

IMF’s mission chief to Armenia, and Guillermo Tolosa, the IMF resident
representative in Armenia.

Sargsyan expressed appreciation of Lewis’ visit to Armenia saying
that the IMF representative has already met with the government and
the central bank officials and reached an accord on a program based
on particular arrangements.

Lewis informed the Armenian president about arrangements made between
the IMF and the country’s government on a three-year financing and
crediting program.

At their meeting, the Armenian president and the chief of IMF mission
discussed key focuses of Armenia’s economic policy steps to be taken
to spur the country’s economic development.

Lewis said that although economic environment is still adverse, but
Armenia’s economy is gradually recovering, its financial sector is
quite firm and state funds are run properly.

Inflation, business environment and poverty reduction were among the
issues under discussion.

Lewis informed Sargsyan about criteria of support under the new
cooperation program to be approved by the IMF executive board.

The executive board will consider this $392 million available financing
program in late June.

Under this program, Armenia will get loans on more advantageous
conditions than under Stand-By Arrangement.