Armenia faces not crisis but inflation

An IMF representative in Armenia has stated that the organization hasn’t so far assessed the losses the country received during the military action in Georgia. It was also highlighted that if there is no more conflict in Georgia, Armenia is likely to achieve 10% economic growth by the end of 2008. According to the IMF, Armenia’s steps to strengthen its economy have been quite successful.

The IMF assistance programme for Armenia will last three years. USD 15 million credit has been allotted at an interest rate of 0.5 %. According to IMF estimates, by the end of this year the inflation rate in Armenia will be 7.5%.