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Sona Avagyan

IMF Official Forecasts 1.8% Growth in Armenia This Year

Guillermo Tolosa, who heads the IMF Mission in Armenia, stated at a press conference today that the anti-crisis measures taken by the Armenian government had been quite effective. "If not the measures taken by the government, the Armenian economy would be in far worse situation today," he said.Commenting on the statement of Armenian PM Tigran Sargsyan on the need to toughen oversight on the financial records of large enterprises, Guillermo Tolosa noted that tax administration and collection of taxes have always been in the center of IMF attention.
"The level of tax collection is low and we are ready to render assistance to increase these indices," Mr. Tolosa declared. He also touched upon the external debt of Armenia, noting that it has significantly increased over the past year and will continue increasing. However, he expressed confidence that as of 2010, the external debt of Armenia will begin to decline. Mr. Tolosa forecasted a 1.8% growth and 6.2% inflation rate by the end of the year in Armenia.

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