Kocharian Darbinian Discuss Development with IMF Delegation

YEREVAN (Noyan Tapan)–During a meeting with an International Monetary Fund delegation–President Robert Kocharian voiced confidence that collaboration with the IMF will be fruitful. Participants of the meeting spoke of key issues of the state’s economy–including the tax budget and financial-credit policies–and a wide range of concerning the banking system.

IMF delegation leader Luise Valdevieso welcomed Armenia’s economic growth and spoke highly of the government’s efforts aimed at upgrading the tax administration.

Kocharian spoke about the level of the country’s development due to the effective work of production infrastructures.

The sides also discussed issues regarding reforms in the field of energy.

Kocharian stressed the necessity to continue work on tax policy. According to him–following a certain level of macroeconomic stabilization–the government has moved on to the policy of stable economic growth. He reported that there major programs have been implemented in the mining and smelting industries and production of construction materials. Home production has also been developing–he said.

"Authorities possess the necessary determination and unity to adopt and execute decisions–and there is only one aim to achieve normal development for the country," Kocharian concluded.

The same delegation met with Prime Minister Armen Darbinian on Monday.

Presenting the results of the visit–Valdevieso particularly noted that Armenia proved an improvement in the sphere of budget revenues and control over budget expenditures. According to him–that might due to the absence anti-crisis measures and a result of actual tax-budget policy and tax administration.

The IMF representative spoke highly of the macroeconomic measures–structural reforms–and economic liberalization the government has taken in the past eight months. He also spoke of issues relative to privatization–banking and energy systems–as well as structures of state administration.

Speaking of the economic policy–Darbinian noted that economic progress was a top priority for the government. He stressed the importance of encouraging investment and developing a stable environment for the development of entrepreneurship. Emphasizing the efficiency of the utilization of the financial and technical aid provided to Armenia–Darbinian noted that–unlike previous years–all aid is included in the state budget for this year.

As for banking system reforms–Darbinian considered it a priority task to capitalize banks through attraction of foreign capital.

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