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.