Armenia is the EFSD founding state:
- Armenia’s contribution to the EFSD is US$1 million;
- Armenia’s access limit in the EFSD is US$1106.69 million (13% of total assets of the Fund).
The authorized representative of Armenia in the Council of the Fund is the Minister of Finance of the Republic of Armenia — Vardan S. Aramyan.
The member of EFSD Expert Council from Armenia is Director of International Cooperation Department of the Finance Ministry - Armen A. Melkikyan.
Armenia is member of the Eurasian Economic Union since 2 January 2015.
On 2 July 2014 the EFSD Council decided to provide investment loan to Armenia to finance the Construction of the North-South Road Transport Corridor (Phase 4) project in the amount 150 US$ million.
On 26 June 2013 the EFSD Council approved preliminary requests and Concept Notes for two investment projects: the Construction of the North-South Road Transport Corridor (Phase 4) in the amount of US$ 100 million and the Modernization and Development of Institutional Capacity of Irrigation Systems in the amount of US$ 40 million. Project documentation is available here. The EDB carries out analytical work on the social and economic development of Armenia.
In October 2015 the EFSD Council approved a US$300 million Budget support credit to Armenia. As of the current date US$ 100 million of it was disbursed.
Key Development Indicators of Armenia
|Real GDP Growth (%)||4,7||7,2||3,5||3,4||3||4,4||Nat. Stat.|
|Nominal GDP (US$ million, in current prices)||9 289||9 403||9 759||10 882||10 525||1 838||Nat. Stat.|
|GDP per capita (US$, in current prices)||3 109||3 293||3447||3752,3||3 504||3504 3/||Nat. Stat.|
|Poverty rate (%, national estimate)||35||33,1||32||N/A||N/A||N/A||Nat. Stat.|
|Inflation (CPI, average)||7,7||2,5||5,8||3,0||3,7||-1,4||Nat. Stat.|
|Nominal interest rate on
|Balance of consolidated state budget (% GDP)||-2,8||-1,5||-0,3||-2,0||-1,5||-2,4||MF|
|Trade Balance (% GDP)||-24,1||-24,0||-22,6||-20,0||-11,6||-12,9||CB|
|Current Account Balance (% GDP)||-12,1||-11,7||-8,6||-7,9||-2,7||N/A||CB|
|Gross International Reserves (months of imports, end of period)||4,93||4,49||5,47||2,97||4,9||4,9||CB|
|External Public Debt/GDP (%)||39,9||41,3||41,5||38,9||42,3||41,9||CB|
|Gross External Debt/GDP (%)||79,9||81,4||89,1||77,7||84,8||N/A||CB|
|Public External Debt Service/ Exports of Goods and non-factor Services (%)||4,7||4,2||5,0||N/A||2,8||10,9||IMF|
|Human Development Index (rank out of 187 countries)||86||87||87||N/A||N/A||N/A||UNDP|
|Global Competitveness Index (rank out of the amount of observed countries)||82||81||79||85||82||N/A||WEF|
|Exchange rate of the National Currency against U.S. dollar (period average, dram/dollar)||372,5||401,8||409,6||415,9||477,9||488,7||CB|
|Exchange rate of the National Currency against Euro (period average, dram/euro)||518,7||516,4||543,2||552,1||530,6||540,3||CB|
|Exchange rate of the National Currency against Russian Rouble (period average, dram/rouble)||12,7||12,9||12,9||11,0||7,9||6,6||CB|
|Remittances (% GDP)||21,1||23,8||23,6||19,5||8,9||N/A||CB|
26/1 Sargsyan Street
Business Centre “Erebuni-Plaza”,
8th Floor, Office 811
Yerevan, 0010 Republic of Armenia
Tel.: +374 (10) 54 01 02
Fax: +374 (10) 54 13 52