Armenia: IMF Bolsters Ailing Economy

The International Monetary Fund has moved to inject another $60 million into the Armenian economy as the landlocked, partially blockaded country grapples with the aftershocks of the global economic crisis.

"The global crisis has continued to have a serious impact on the Armenian economy," IMF Deputy Managing Director and Acting Chair Takatoshi Kato said in a November 2 news release. "While output appears to be stabilizing, the fall in remittances and the collapse in the construction sector have caused a more severe economic contraction and lower fiscal revenue than anticipated," Kato stated.

The Armenian government has taken IMF-recommended steps to reverse its economic slump, but the country's economic performance -- economic growth as of September was down by over 18 percent compared with 2008 figures -- has turned out worse than the Fund earlier predicted.
Prior to the latest aid injection, the Armenian economy had already received $400 million in IMF aid.