LEADER 06767oam 22013934 450 001 9910788297703321 005 20230807210121.0 010 $a1-4983-1676-X 035 $a(CKB)2670000000608546 035 $a(EBL)2008586 035 $a(SSID)ssj0001540460 035 $a(PQKBManifestationID)11921391 035 $a(PQKBTitleCode)TC0001540460 035 $a(PQKBWorkID)11534048 035 $a(PQKB)10837549 035 $a(MiAaPQ)EBC2008586 035 $a(Au-PeEL)EBL2008586 035 $a(CaPaEBR)ebr11041900 035 $a(CaONFJC)MIL763494 035 $a(OCoLC)907299136 035 $a(IMF)1ARMEA2015001 035 $a(EXLCZ)992670000000608546 100 $a20020129d2015 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aRepublic of Armenia : $e2014 Article IV Consultation-First Review Under the Extended Arrangement-Staff Report; Staff Supplement; and Press Release 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2015. 215 $a1 online resource (111 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4983-9981-9 311 $a1-4983-5501-3 327 $aCover; CONTENTS; CONTEXT AND RECENT DEVELOPMENTS; BOXES; 1. Policies since the 2012 Article IV Consultation; OUTLOOK AND RISKS; FIRST REVIEW UNDER THE EXTENDED ARRANGEMENT; A. Fiscal Policy; 2. Spillovers from Global and Regional Developments to Armenia; B. Monetary and Exchange Rate Policy; C. Financial Sector Policy; D. Structural Issues; E. Program Issues; ARTICLE IV DISCUSSIONS: REDUCING VULNERABILITIES AND INCREASING POTENTIAL GROWTH; A. Reducing vulnerabilities; B. Increasing Potential Growth and Inclusiveness; 3. Constraints to Potential Growth; FIGURES; 1. Labor Market 327 $aSTAFF APPRAISALTABLES; 1. Armenia: Selected Economic and Financial Indicators, 2009-16; 2. Balance of Payments, 2009-19; 3. Monetary Accounts, 2009-15; 4. Financial Soundness Indicators for the Banking Sector, 2009-14; 5. Central Government Operations, 2009-16, (In percent of GDP); 6. Central Government Operations, 2009-16, (In billions of dram); 7. Medium-Term Macroeconomic Framework, 2009-19; 8. Indicators of Capacity to Repay the Fund, 2011-19; 9. External Financing Requirements and Sources, 2013-17 327 $a10. Fund Disbursements and Timing of Review Under a 38-Month Arrangement Under the Extended Fund FacilityAPPENDICES; I. Letter of Intent; Attachment I. Technical Memorandum of Understanding; ANNEXES; I. Armenia's Accession to the Eurasian Economic Union; II. Pension Reform: Recent Developments and Changes; III. Reserve Metrics and External Stability Assessment; IV. Public Debt Sustainability Analysis; V. Real Exchange Rate Assessment; CONTENTS; FUND RELATIONS; WORLD BANK AND IMF COLLABORATIONS-JMAP IMPLEMENTATION; RELATIONS WITH THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD) 327 $aRELATIONS WITH THE ASIAN DEVELOPMENT BANK (ASDB)STATISTICAL ISSUES 330 3 $aThis 2014 Article IV Consultation highlights that after a steady recovery during 2010?12 from the deep 2009 recession, Armenia?s growth softened in 2013 and has remained subdued in 2014. The softening of economic activity has been broad based, as growth of exports and remittances slowed, and government spending was lower than budgeted. Construction, which had declined since the 2009 crisis, was relatively flat. Growth is projected at 2.6 percent in 2014 and is expected to increase only gradually in 2015 and over the medium term in light of expectations of slow growth in key trading partners. The authorities? policies remain geared toward maintaining macroeconomic stability and fostering sustainable and inclusive growth. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2015/065 606 $aEconomic development$zArmenia (Republic) 606 $aEconomic forecasting$zArmenia (Republic) 606 $aBanks and Banking$2imf 606 $aForeign Exchange$2imf 606 $aPublic Finance$2imf 606 $aStatistics$2imf 606 $aIndustries: Financial Services$2imf 606 $aExports and Imports$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aData Collection and Data Estimation Methodology$2imf 606 $aComputer Programs: Other$2imf 606 $aTrade: General$2imf 606 $aPublic finance & taxation$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aEconometrics & economic statistics$2imf 606 $aInternational economics$2imf 606 $aRevenue administration$2imf 606 $aPublic debt$2imf 606 $aLoans$2imf 606 $aFinancial institutions$2imf 606 $aExchange rate flexibility$2imf 606 $aBanks and banking$2imf 606 $aRevenue$2imf 606 $aDebts, Public$2imf 606 $aExports$2imf 607 $aArmenia$xEconomic conditions 607 $aArmenia, Republic of$2imf 615 0$aEconomic development 615 0$aEconomic forecasting 615 7$aBanks and Banking 615 7$aForeign Exchange 615 7$aPublic Finance 615 7$aStatistics 615 7$aIndustries: Financial Services 615 7$aExports and Imports 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aData Collection and Data Estimation Methodology 615 7$aComputer Programs: Other 615 7$aTrade: General 615 7$aPublic finance & taxation 615 7$aCurrency 615 7$aForeign exchange 615 7$aBanking 615 7$aFinance 615 7$aEconometrics & economic statistics 615 7$aInternational economics 615 7$aRevenue administration 615 7$aPublic debt 615 7$aLoans 615 7$aFinancial institutions 615 7$aExchange rate flexibility 615 7$aBanks and banking 615 7$aRevenue 615 7$aDebts, Public 615 7$aExports 676 $a330.9595505 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788297703321 996 $aRepublic of Armenia$93717284 997 $aUNINA