News - Deputy PM: Armenia's trade with other EAEU countries increased by 47.5% in first 9 months of 2023

The programs being implemented jointly with our international partners are, of course, important in terms of their financial component, but they are of much more central importance in terms of content, from the point of view of implementing institutional reforms of our country and introducing the best international standards. These are programs and activities that directly affect and should have a positive impact on the quality of life of our citizens. Deputy Prime Minister Mher Grigoryan said this during his special address in the parliament, and referring to the current and future programs within the framework of cooperation with Armenia's development partners, which are related to budget processes and targets. Accordingly, within the framework of Armenia’s cooperation with the International Monetary Fund, a new three-year reserve program was signed in 2023 in the amount of about $171.1 million. Within the framework of this program, a number of measures will be implemented in the country next year, and aimed at reforming public finance management, improving tax administration, and promoting employment. Armenia’s comprehensive cooperation with the World Bank continued this year, and the development of the 2024-2028 Partnership Framework was started. Also in 2023, a Green, Resilient and Inclusive Development Policy Operation Loan Budget Support Loan Agreement worth 92.3 million euros was signed with the World Bank, and aimed at, among other things, public investment management reforms, digitization of services provided by the state and local governments, and electronic implementation of management systems. In October, Armenia and the OPEC Fund for International Development  signed a loan agreement for the Green, Resilient and Inclusive Development Policy Program worth 50 million euros, the purpose of which is to contribute to the mitigation and adaptation of climate change, and to promote the development of human capital. The development of the Asian Development Bank's 2024-2028 partnership strategy with Armenia was also started this year. Mher Grigoryan informed that a project-loan agreement worth 66.1 million euros is planned to be signed in the near future with the Asian Development Bank (ADB), and for the improvement of seismic safety in Armenia. Also the Yerevan urban development investment program-loan agreement with the ADB, and worth around 60 million euros, is planned to be sign. The goal of the project is to develop urban infrastructure by building the new Isakov-Arshakunyats road section of the Armenian capital. Emphasizing Armenia's relations with the European Union (EU), deputy PM Grigoryan said that a number of agreements were signed with the EU this year. The work on the implementation of the Armenia-EU Comprehensive and Enhanced Partnership Agreement (CEPA) has been and continues under the coordination of the CEPA interdepartmental commission. Within the framework of the Eurasian Economic Union (EAEU), work was carried out towards the development and promotion of Armenia’s trade and economic relations with the other EAEU member states, as well as with third countries. "I consider it important to emphasize that in the [first] nine months of 2023, [Armenia’s] trade with [the other] EAEU member states increased by 47.5 percent, equaling more than 5 billion US dollars," said Mher Grigoryan. The Deputy Prime Minister of Armenia expressed hope that the results of the implementation of the 2023 budget and the 2024 budget to be approved will contribute to the growth of the country's international ranking, and its standing as a stable and reliable partner will continue to be strengthened.