1. Under the 2005-08 PRGF-supported program, Armenia achieved a marked reduction in poverty within a high-growth and low-inflation macroeconomic environment. This strong performance was underpinned by sustained macroeconomic discipline, but also reflected a favorable global environment, and large-scale foreign exchange inflows. Meanwhile, progress with structural reforms was reforms in the financial area, where ownership was strong, were more successful than in tax policy and tax customs administration, where vested interests resisted the comprehensive approach necessary to create an efficient and fair tax system (Box 1).

Republic of Armenia: 2008 Article IV Consultation and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility – Staff Report; Staff Supplement; Staff Statement; Public Information Notice and Press Release on the Executive B…

Republic of Armenia: 2008 Article IV Consultation and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility – Staff Report; Staff Supplement; Staff Statement; Public Information Notice and Press Release on the Executive B… PDF

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