IMF-亚美尼亚共和国_根据备用安排进行第五次审查_请求豁免不遵守绩效标准_修改货币政策咨询条款新闻稿；员工报告（英）-2025_66页_2mb

IMF Country Report: Armenia - Fifth Stand-By Arrangement Review

Executive Summary

The International Monetary Fund (IMF) completed the fifth review under the Stand-By Arrangement (SBA) with Armenia, approving an additional SDR 18.4 million (approximately US$26.1 million), bringing total access under the arrangement to SDR 110.4 million.

The Armenian economy continues performing strongly, with real GDP growth expected at 4.5% in 2025 as external headwinds normalize. Inflation is on track to meet the Central Bank of Armenia's (CBA) target. The current account deficit is projected to widen to 4.5% of GDP, though external buffers remain robust.

The program is broadly on track, with nearly all quantitative performance criteria met, except for a minor breach of the budget domestic lending criterion. Staff recommends a waiver for this deviation due to its negligible impact.

Priority policy areas include balancing fiscal support for national priorities with macro-stability, maintaining price stability, and advancing reforms to enhance growth inclusivity and sustainability.

risks include global trade tensions slowing trading partners and potential financial tightening.
Staff supports completion of the fifth review, the requested waiver and modifications to the SBA.