Welcoming Remarks By Dr. Arman Kirakossian, Armenian Ambassador to the U.S. on Opening of the Expo 2002: Made in Armenia

September 28, 2002

Armenia and

 

Armenia and the International Monetary Fund

IMF Concludes 2002 Article IV Consultation with the Republic of Armenia

Public Information Notices (PINs) are issued, (i) at the request of a member country, following the conclusion of the Article IV consultation for countries seeking to make known the views of the IMF to the public. This action is intended to strengthen IMF surveillance over the economic policies of member countries by increasing the transparency of the IMF's assessment of these policies; and (ii) following policy discussions in the Executive Board at the decision of the Board.

World Bank - Armenia

Armenia joined the World Bank as a member in September 1992. To strengthen its client focus, the Bank opened in 1994 the doors of the World Bank Yerevan Office.The Bank's first operation in Armenia, in March 1993, was the Institutional Building Loan which helped strengthen the country's capacity to implement policy reforms and manage the economic transition. To-date, the Bank's assistance to Armenia has grown to 24 projects with total financing of US$658 million.

IFC in Armenia

Armenia has been a member of IFC since 1995. We made our first investment in 2000, signing a US$3.6 million equity investment in Hotel Armenia, owned by a U.S.-Armenian group, AK Development LLC. The group, together with Marriott Hotels, is launching a US$38 million project to renovate and refurbish Hotel Armenia located in downtown Yerevan. IFC is also providing donor-funded technical assistance to introduce modern managerial techniques in marketing, engineering, hospitality and finance.

Armenia's long-awaited membership to the World Trade Organization (WTO) got the go-ahead Tuesday from the organization's 144members at WTO General Assembly's session in Geneva. Commenting on the final approval of Armenia's membership Armenian trade and economic development minister Karen Chshmaritian described it as " the victory of the Armenian nation, president and government,” Armenpress news agency reported.

Armenia's accession to WTO came after six years of negotiations. Armenian parliament has passed recently an extensive set of laws to bring its trading legislation in conformity with WTO rules. The signing ceremony was attended by the newly elected WTO Director-General Supachai Panitchpakdi.

International Monetary Fund
/ 2225 R Street, N.W. Washington D.C. 20008, USA ' (202) 319-1976 , fax (202) 319-2982