EBRD issues new Armenia strategy for 2006-7
11 February 2006
Caucaz
EBRD Press Release
A new two-year EBRD strategy for Armenia, published on www.ebrd.com, assesses macroeconomic performance as favourable, notes the country’s commitment to the principles of political pluralism and market economics and confirms the Bank’s intention to broaden the scope of its activities in Armenia.
The EBRD strategy cites real economic growth averaging 12.4 per cent a year in the past three years, higher consumer spending, tight monetary policy, improved fiscal performance, a narrowing of the current account deficit, better management of external debt, and rapid progress in structural reform. It notes that poverty reduction remains a priority and that overall poverty ratios are falling due to government programmes. It notes progress in reforms to democratise the electoral code, strengthen checks and balances in the political system and improve public governance. It adds, however, that the political will to implement these commitments remains uncertain and further steps are needed to fight corruption. Armenia’s partial isolation in the region impedes economic development and the country’s inclusion in regional projects and initiatives.
The strategy identifies six ways for Armenia to continue its progress towards a market system. [...].
[...]
[...] For the next two years, the EBRD will work to expand small and medium sized business and micro-enterprise financing, primarily through credit lines to local partner banks, but also directly through the Bank’s Direct Lending Facility and Direct Investment Facility as well as through co-financing and risk sharing with local banks under the Bank’s Medium Sized Co-financing Facility (MCFF). [...]
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
Caucaz
EBRD Press Release
A new two-year EBRD strategy for Armenia, published on www.ebrd.com, assesses macroeconomic performance as favourable, notes the country’s commitment to the principles of political pluralism and market economics and confirms the Bank’s intention to broaden the scope of its activities in Armenia.
The EBRD strategy cites real economic growth averaging 12.4 per cent a year in the past three years, higher consumer spending, tight monetary policy, improved fiscal performance, a narrowing of the current account deficit, better management of external debt, and rapid progress in structural reform. It notes that poverty reduction remains a priority and that overall poverty ratios are falling due to government programmes. It notes progress in reforms to democratise the electoral code, strengthen checks and balances in the political system and improve public governance. It adds, however, that the political will to implement these commitments remains uncertain and further steps are needed to fight corruption. Armenia’s partial isolation in the region impedes economic development and the country’s inclusion in regional projects and initiatives.
The strategy identifies six ways for Armenia to continue its progress towards a market system. [...].
[...]
[...] For the next two years, the EBRD will work to expand small and medium sized business and micro-enterprise financing, primarily through credit lines to local partner banks, but also directly through the Bank’s Direct Lending Facility and Direct Investment Facility as well as through co-financing and risk sharing with local banks under the Bank’s Medium Sized Co-financing Facility (MCFF). [...]
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
posted by Vahe Balabanian at 12:54 PM
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