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Armenia

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

Indicator 2011 2012 2013 2014 2015 2016 Q1 Source
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 3-month credits to the economy (end of period %) 20,87 17,45 19,56 19,44 11,46 19,79 CB
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

Contacts

Ministry of Finance of the Republic of Armenia
Central Bank of the Republic of Armenia
Representative Office of the EDB in Yerevan:

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





Member States

  • The Republic of Armenia

    Republic
    of Armenia

  • The Republic of Belarus

    Republic
    of Belarus

  • The Republic of Kazakhstan

    Republic
    of Kazakhstan

  • Kyrgyz Republic

    Kyrgyz
    Republic

  • Russian Federation

    Russian
    Federation

  • The Republic of Tajikistan

    Republic
    of Tajikistan