On April 23, the USAID-funded Partners for Financial Stability (PFS) project marked the successful completion of activities in Armenia. The USAID PFS was a three-year regional program (2010-2013) with the goal of addressing the recent global financial crisis and

enhancing financial sector stability and growth in 12 partner countries in the Europe and Eurasia region, including Armenia.

Over the past three years, PFS worked with the Armenian government, the Central Bank of Armenia (CBA), the private sector, business associations, and other key stakeholders in the financial sector to reform the processes that limit enterprise competitiveness in Armenia. The project also helped to explore and test innovative solutions targeting various segments of the financial sector. PFS assisted the Government of Armenia to establish the Export Credit Agency, supported the CBA to develop the concept of the Dilijan Research and Training Center, enhanced the CBA’s crisis preparedness capacity, and assisted the Ministry of Finance to enhance the quality of accounting and auditing services.

In addition, PFS worked with professional associations to update financial reporting standards and launch an electronic library for financial sector professionals. PFS also facilitated dialogue between public and private counterparts to tackle the challenges of micro, small and medium enterprises in accessing financial services.

The close-out event was attended by the USAID/Armenia Mission Director Karen Hilliard, senior officials of the Armenian government and the Central Bank of Armenia, representatives of the private sector, professional trade associations, and other donors and international financial institutions involved in financial intermediation in support of private sector competitiveness and sustainable economic growth. Successes, lessons learned and key financial challenges that hinder enterprise competitiveness were presented by the PFS team.