 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.
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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.
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