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Official News

Monday, 22 October 2007

On the evening of October 20, RA Prime Minister Serzh Sargsyan returned to Washington from Los Angeles where his meetings were continued.

October 21 - the second day in office for newly appointed IMF executive director Dominique Strauss-Kan - commenced with a meeting with RA Prime Minister Serzh Sargsyan. Congratulating Mr. Strauss-Kan on his appointment to the high post of IMF Executive Director, Prime Minister Serzh Sargsyan wished him every success in the decision of the problems faced by the Fund.

Asked so by Mr. Strauss-Kan, Serzh Sargsyan briefed him on the current trends of Armenia's economic development, as well as the outlook for cooperation with the IMF. The Prime Minister said that owing to the programs carried out in cooperation with the IMF since 1992, the government had managed to achieve macroeconomic stability in the country, restore the national economy which was decrepit in the aftermath of the collapse of the USSR and ensure high figures of growth.

With reference to the IMF-GoA cooperation, Serzh Sargsyan noted that the current program, due to complete in May 2008, should be continued. He noted that Armenia was going to propose more ambitious programs in respect of reform furtherance and, therefore, the Government expected to get adequate technical assistance and policy advice from the IMF. The reforms will address the modernization of domestic fiscal and customs administration and the challenges associated with the achievement of enhanced competitiveness for the financial sector and the economy, as a whole.

The Executive Director of the IMF spoke of his plans for organizational reform and asked to be backed by Serzh Sargsyan in his capacity of head of a member-country government. The RA Prime Minister promised to make a careful examination of the initiatives aimed at reforming the IMF and provide the needed support.

In the second half of the day, Prime Minister Serzh Sargsyan received OSCE Minsk Group co-chair Matthew Bryza in the premises of the Armenian embassy. During their private talks, the parties have discussed issues of mutual interest.

The Prime Minister of Armenia also had a number of meetings with World Bank top executives on October 21. First, he met with World Bank Vice-President Shigeo Katsu. The Prime Minister said to be pleased with the current status of cooperation with the World Bank and outlined such priorities set by the Armenian cabinet as are susceptible to become key areas for cooperation with the Bank. The World Bank Vice-President stated that the International Development Association has recognized Armenia to be a country with highest economic performance and good reform dynamics, and that our country is often cited by the Bank as a "success story" in the area of reform implementation. The parties agreed that having been promoted to a status of medium-income country from the list of low-income nations, Armenia had in fact to be more active and consistent in pursuit of the policy line embraced.

The highlight of the agenda of the meeting held between World Bank Executive Director Grimm Willer and RA Prime Minister Serzh Sargsyan was the outlook for Armenia's economic development. The Prime Minister said that the pursuit of high economic growth indicators will continue to be a priority for his government and went on to stress that it was important at this stage to ensure that the growth is seen and felt by any citizen of the Republic of Armenia. Among the prospective areas for future cooperation between the Bank and the Government of Armenia, the parties have mentioned the development of the private sector, the promotion of economic competition, the strengthening of our country's competitive edge, as well as the continuation of reforms in the educational and health-care sectors.

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