IMF: The goal to develop capital market in Armenia dictates the need
to diversify economy

by Elita Babayan

ARMINFO
Saturday, February 8, 16:13

The goal to develop the capital market in Armenia dictates the need to
diversify the economy and the financial tools and to stabilize the
economic growth, Teresa Daban-Sanchez, IMF’s Resident Representative
in Armenia, said at the Feb 7 conference in Tsaghkadzor, Armenia. The
conference was dedicated to issues related to the Armenian capital
market development.

In the light of the global economic trends, Teresa Daban-Sanchez
pointed at the general recovery of the world economy (after the
financial and economic crisis) and stressed that in Japan the economic
growth remains low, the EU has a middle economic growth and the
economic growth in the US has a positive dynamics. According to the
IMF, the growth of the global economy will be 3.7% in 2014.

She also pointed put the vulnerability of the countries with
developing economies (including Armenia). Nevertheless, the IMF
expects Armenia’s GDP to grow by 4-5% in 2014.

At the same time, the IMF warns Armenia against a possible second
crisis wave, which may be even stronger.

As regards the entry of the EBRD and the IFC into the Armenian capital
market (placement of Armenian Dram (“AMD”) denominated bonds), she
stressed that Armenia is diversifying its financial tools.

From: Emil Lazarian | Ararat NewsPress