Republic of Armenia: Second Review Under the Extended Arrangement and Request for Waivers of Nonobservance and Rephasing; Press Release; Staff Report;
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Since late 2014, Armenia's economic performance has been affected by significantly weaker external conditions, as the slowdown of the Russian economy, the weakening of the ruble, lower metals prices, and the strengthening of the dollar have led to pressures on external receipts, particularly remittances. Domestic conditions have also weakened, including banking sector credit. These factors have translated into pressures on the foreign exchange (FX) market and depreciation of the dram and a wider fiscal deficit, but also a significant adjustment of the external current account deficit. The more complex economic environment, together with deviations from program policies, has also contributed to delays in concluding the Second Review.
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