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Atom Janjughazyan expressed hope that the ongoing reforms will positively affect the international rating of Armenia

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13.08.2019
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Armenian Minister of Finance Atom Janjughazyan received representatives of Moody's international rating agency on August 12.

According to the press service of the RA Ministry of Finance, during  the meeting the parties touched upon the current economic situation  in Armenia, ongoing reforms and prospects for the development of the  economy of the republic.

The parties also discussed the reforms of the tax legislation of the  Republic of Armenia and the results expected by its results, the  effectiveness of the country's fiscal policy, as well as issues  related to reforms in the field of public procurement.

The head of the Armenian Ministry of Finance expressed hope that the  reforms carried out in the RA will have a positive impact on the  international rating of Armenia.

To recall, the reputable Moody's international rating agency in March  this year positively assessed the credit rating of Armenia - at the  level of B1, noting that such an assessment reflects successful  economic and financial management, healthy, but fluctuating economic  growth. The Agency improved the forecast of the banking system of  Armenia from "Stable" to "Positive". As noted in the Moody's report  "Banking System Outlook: Armenia", improving asset quality and  profitability in the context of active economic growth provides  positive prospects. According to the agency's report, the strengths  were the presence of sustainable economic growth that could improve  the quality of banking assets; conditions conducive to the growth of  business activity and, accordingly, the demand for loans and increase  the profitability of banks. The next strength is related to the  ongoing processes of de-dollarization of the economy, as well as  improving the ability of the government to support banks. The  positive outlook, which reflects Moody's expectations about the  development of bank creditworthiness over the next 12-18 months, has  strong economic indicators that will stimulate business activity and  demand for loans, which will help increase bank profitability. In  particular, according to agency forecasts, GDP growth in 2019-2020  will remain at a high level, approximately 4.5% per year.

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