Since 2000, Armenia's economic performance has been remarkable. Real economic growth has averaged 11 percent a year, annual inflation has averaged 3 percent, and poverty and inequality have fallen. The country has outperformed other low-income countries including other members of the Commonwealth of Independent States. This is particularly impressive given the geographical location of Armenia, the closure of two critical borders, and occasional political turmoil. The key factors behind Armenia's economic performance are prudent monetary and fiscal policies, liberal trade and foreign exchange regimes, rapid and relaively well-sequenced structural reforms, and support from the Armenian diaspora. In addition, the implementation of a poverty reduction strategy since 2002 has complemented the effect of economic growth on reducing poverty. This book assesses the country's economic transformation during the last 10 years and discusses the challenges to sustaining these successes.
The staff report for the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on the Republic of Armenia highlights economic developments and the macroeconomic framework.
This Joint Staff Advisory Note (JSAN) discusses Poverty Reduction Strategy Paper (PRSP) for Armenia, which focuses on the government’s commitment to equitable growth and sustained poverty reduction.
The Armenian government adopted the Poverty Reduction Strategy Paper (PRSP), and the first years of the PRSP implementation have evidently resulted in the significant reduction of both poverty and extreme poverty.
This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility for Armenia. Armenia’s economy performs strongly. All end-December 2006 quantitative and all but one...
All but one of the December 2002 quantitative performance criteria were met, and all structural measures envisaged for implementation up until February 2003 have been carried out or implemented as a prior action for the third review.
This paper assesses the Republic of Armenia’s 2001 Article IV Consultation and a Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF).
They emphasized the need to improve monetary stance, the legal financial sector framework, and banking supervision. They agreed that Armenia has successfully completed the fourth review under the PRGF program, and approved waiver.
All but one of the December 2002 quantitative performance criteria were met, and all structural measures envisaged for implementation up until February 2003 have been carried out or implemented as a prior action for the third review.
They emphasized the need to improve monetary stance, the legal financial sector framework, and banking supervision. They agreed that Armenia has successfully completed the fourth review under the PRGF program, and approved waiver.
This paper examines Armenia’s Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) and Request for Extension of the Arrangement.