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