In a report published today, Fitch Ratings reaffirmed the sovereign issuance of long-term foreign currency liabilities of the Republic of Armenia. «B +» Rating: Stable in perspective.
Taking into account the macroeconomic uncertainties due to the current regional realities, the reaffirmation of the rating given to Armenia by the agency is a very positive signal, proving the reliability of the reforms carried out by the Armenian authorities and especially the macroeconomic policy.
In particular, the agency clarified that the maintenance of the rating reflects the strong level of per capita income compared to comparable countries with the same rating, good indicators of governance and business environment, and the assessment is based on Armenia’s stable macroeconomic and fiscal policy framework, credible commitment to reform.
According to the agency, the Russian-Ukrainian conflict will have negative consequences on the Armenian economy, taking into account the possible ties between the Russian Federation and the Armenian economy. Nevertheless, the agency estimates that the Armenian government’s բանկ Central Bank կեր shock response capabilities ներգր the ability to raise financial resources can help Armenia overcome its economic challenges without causing significant difficulties for its debt service capacity.
Despite the current situation, the agency predicts a certain slowdown in economic growth in Armenia in 2022, the report records its forecasts for the recovery of economic growth in 2023.
The agency also notes the fact of political stability, confirms that the government re-elected in 2021 is consolidating its achievements. The report notes that although some of the governance indicators are lower than the average of comparable countries, Armenia is significantly higher in terms of human development and business.
RA: Finance: Ministry