Prime Minister Hovik Abrahamyan received IMF Executive Director for Armenia Menno Snel.

Hailing the ongoing effective cooperation with the IMF, the Prime Minister said his government will make consistent efforts to implement the commitments assumed under the Extended Financing Facility, including the ones relevant to the structural reforms. Hovik Abrahamyan noted that the current pace of the program will allow the Government to complete all the planned reforms.

Dwelling on Armenia’s economic position, the Premier pointed out that despite the impact of adverse developments in the region, the Government managed to maintain macroeconomic stability and a relatively low level of inflationary pressure, which provided the opportunity to address many welfare problems.

As the Prime Minister noted, even in the face of the aforementioned unfavorable trends, GDP grew by three percentage points last year. The annual growth of economic activity was 5.6% in the first quarter of this year. Vigorous efforts are underway to promote exports.

Appreciating the effective cooperation between the Government of Armenia and the IMF, Menno Snel for his part expressed satisfaction with the pace of joint programs. He stressed the need for consistency and follow-up in pension reform. Highlighting the adoption of the new tax code, he noted that the Government has done a large amount of work in this direction. Armenia’s monetary policy was described as efficacious and conducive to macroeconomic stability and economic development.

The parties went on to exchange views on regional developments. Reference was made to other issues of mutual interest.