The Executive Board of the International Monetary Fund has completed the first review under Armenia's Stand-By Arrangement, making SDR 18.4 million available, about USD 25.1 million, and bringing total access under the program to SDR 36.8 million, about USD 50.2 million. The Armenian authorities continue to treat the arrangement as precautionary, and the Board took the decision on a lapse-of-time basis. The IMF said the program is broadly on track, with all end-December quantitative performance criteria met and structural benchmarks advancing despite some delays. It expects Armenia's real GDP growth to slow to around 5.25 percent in 2026 as domestic demand softens and some trade disruptions from the war in the Middle East materialize. Inflation should stay elevated in the near term because of higher commodity prices and logistics costs from trade rerouting before returning to the Central Bank of Armenia's target over the projection horizon. Stronger-than-budgeted revenue is expected to support a 2026 deficit of 4.0 percent of GDP if the overperformance is saved, versus 4.5 percent in the budget. Short-term risks stem from uncertainty related to the war in the Middle East, while medium-term risks include weaker growth in trading partners and tighter global financial conditions, although external and financial sector buffers remain strong.
International Monetary Fund2026-06-09
International Monetary Fund completes first review of Armenia's Stand-By Arrangement unlocking SDR 18.4 million
The Executive Board of the International Monetary Fund completed the first review under Armenia’s Stand-By Arrangement on a lapse-of-time basis, making Special Drawing Rights 18.4 million (about USD 25.1 million) available and bringing total access to Special Drawing Rights 36.8 million (about USD 50.2 million). The IMF said the program is broadly on track, with all end-December quantitative performance criteria met, and projects real GDP growth of around 5.25 percent in 2026, elevated near-term inflation before a return to the Central Bank of Armenia’s target, and a 2026 fiscal deficit of 4.0 percent of gross domestic product.