[Web Wrap]: Running on All Cylinders? – IMF Says Armenian Economy Needs New Engine.

July 27, 2010

By Naira Hayrumyan via ArmeniaNow

Is it time to replace the engine of the Armenian economy? The International Monetary Fund (IMF) believes it is. The Armenian government, meanwhile, says it just needs a tune up.

On July 26, the Armenian International Policy Research Group (AIPRG) in cooperation with the IMF organized a panel discussion on the subject of “Armenia’s Economic Policy: The Road Ahead”. IMF Resident Representative in Armenia Guillermo Tolosa compared the Armenian economy to a motorcar that was rolling freely in 1998-2008 until it encountered storm gusts and ran off the road.

The Government and the Central Bank, with the help of the IMF, got Armenia out of the ditch, but the engine suffered damage that now needs attention.

“The new policy should also address [the need for] a new engine, in this case microeconomic policy,” said the IMF representative.

Please continue reading here.

IMF Resident Representative Guillermo Tolosa (second from right);
Armenian Minister of Economy Nerses Yeritsyan (far right)
during the Monday event


Credit: Photolure.am via ArmeniaNow

One comment

  1. Finally, someone payed attention to the engine that doesn’t work… I hope the new policy will refer somehow to Armenia’s poor industry that the government ignores…

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