IMF Director: Armenia is on right track

Armenia is on the right track. As a Rosbalt correspondent reports, this was announced by Director of the IMF Horst Koehler at a press conference in Yerevan. He said this had been confirmed after meeting the country's leaders.

Mr Koehler is happy about Armenian President Robert Kocharian's approach to the country's economic development. 'The president believes there are two important factors to economic growth in Armenia. The first is to follow a strategic programme to wipe out poverty. The second is a programme against corruption, which was recently drawn up by the government,' Mr Koehler said. In his opinion, these measures will provide the foundation for further national growth. He added that Armenia has taken a large step towards a market economy over the last three years. Government debts have been cut and privatization has begun, especially in the energy sector.

Mr Koehler is on a two-day visit to Armenia. He has scheduled meetings with the country's president and the chairman of the Central Bank where he is discussing the potential for closer cooperation between Armenia and the IMF and also issues relating to the national budget.