IMF PROVIDES ABOUT 5 MILLION DOLLAR CREDIT TO ARMENIA
Noyan Tapan
Dec 13 2006
YEREVAN, DECEMBER 13, NOYAN TAPAN. The International Monetary Fund
(IMF) provided an about 4.9 mln dollar credit to Armenia within the
framework of the Poverty Reduction and Economic Growth Program. Nienke
Oomes, IMF Yerevan Office Resident Representative, said at the
December 13 press conference that by this 19.5 mln USD out of the
34.3 mln USD envisaged by the three-year program have already ben
provided to Armenia. The program will finish in 2008.
According to N. Oomes, the IMF Executive Board assessed positively
the "reasonable monetary-credit and fiscal policies" of the Armenian
authorities that promoted the two-digit economic growth, poverty and
unemployment reduction and low inflation. The IMF Executive Board
approved the 2006 fiscal policy as well. It qualified the 2007 state
budget as a document consistent with economic stability. At the same
time, according to the board, although in recent years the GDP/taxes
ratio has notably improved in Armenia, it is still lower than the
indices of other regional countries. For this reason the IMF Executive
Board calls on the Armenian authorities to abolish tax privileges
of foreign investors in accordance with the envisaged schedule and
to increase the tax bodies’ powers of checking transactions and
tax-payers.