{"id":251074,"date":"2023-09-08T16:03:23","date_gmt":"2023-09-08T16:03:23","guid":{"rendered":"https:\/\/armbanks.am\/2023\/09\/08\/251074\/"},"modified":"2023-09-08T16:03:23","modified_gmt":"2023-09-08T16:03:23","slug":"imf-to-conduct-second-review-of-stand-by-arrangement-program-on-armenia-in-autumn","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2023\/09\/08\/251074\/","title":{"rendered":"IMF to Conduct Second Review of Stand-by Arrangement Program on Armenia in Autumn"},"content":{"rendered":"\n<p><strong>YEREVAN, September 8. \/ARKA\/.<\/strong> The IMF Executive Board\u00a0approved\u00a0a 36-month precautionary SBA on December 12, 2022, which supports the authorities\u2019 efforts to preserve macroeconomic, financial, and fiscal stability and to advance their homegrown economic program, &#8216; Head of Middle East and Central Asia Department at the International Monetary Fund (IMF),\u00a0said in an exclusive interview with ARKA news agency.<\/p>\n\n\n\n<p>He recalled that the e first review of the program was successfully completed in June, and discussions on completion of the second review will take place in the Fall.<\/p>\n\n\n\n<p>On the specific objectives of the IMF-supported program: Azour named the following:&nbsp;<\/p>\n\n\n\n<p>&#8211; Preserving macroeconomic, financial, and fiscal stability requires:<\/p>\n\n\n\n<p>(i) Fiscal policy that remains appropriate for the phase of the economic cycle and supports Armenia\u2019s development spending needs, is anchored by the fiscal rules, and will keep public debt moderate;<\/p>\n\n\n\n<p>&nbsp;(ii) monetary policy that is consistent with steering inflation toward the CBA target of 4 percent over the medium term;<\/p>\n\n\n\n<p>(iii) exchange rate flexibility and maintaining healthy reserve buffers; and (iv) further strengthening of the regulatory and supervisory framework to keep financial sector risks in check.<\/p>\n\n\n\n<p>&#8211; A higher, export-oriented, and more inclusive growth could be achieved with a package of structural reforms that aims to facilitate trade, diversification, and FDI; develop infrastructure and connectivity; strengthen governance; improve the business environment; foster employment and social protection; advance digitalization; and build resilience against climate risks. Reforms in these areas complement efforts supported by other development partners.<\/p>\n\n\n\n<p>He said the Armenian authorities continue to treat the SBA as precautionary, which is appropriate, given the availability of financing and ample international reserves.&nbsp;He added that in the event of an adverse shock, the SBA aims to provide a positive market signal, catalyze support from other International Financial Institutions, and serve as insurance against potential external financing needs. -0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IMF Executive Board\u00a0approved\u00a0a 36-month precautionary SBA on December 12, 2022, which supports the authorities\u2019 efforts to preserve macroeconomic, financial, and fiscal stability and to advance their homegrown economic program, &#8216; Head of Middle East and Central Asia Department at the International Monetary Fund (IMF),\u00a0said in an exclusive interview with ARKA news agency<\/p>\n","protected":false},"author":1,"featured_media":157305,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,9216],"tags":[],"class_list":{"0":"post-251074","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-en","8":"category-news"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/251074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=251074"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/251074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/157305"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=251074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=251074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=251074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}