IMF-亚美尼亚共和国：更新地方政府借款框架的技术援助报告（英）

TECHNICAL ASSISTANCE REPORT REPUBLIC OF ARMENIA Updating the Borrowing Framework for Local Governments MARCH 2024 Prepared By Natalie Manuilova, Nino Tchelishvili, Imran Aziz, Fernando González Authoring Departments Fiscal Affairs Department The contents of this report constitute technical advice provided by the staff of the International Monetary Fund (IMF) to the authorities of Armenia (the "TA recipient") in response to their request for technical assistance. This report (in whole or in part) or summaries thereof may be disclosed by the IMF to IMF Executive Directors and members of their staff, as well as to other agencies or instrumentalities of the TA recipient, and upon their request, to World Bank staff and other technical assistance providers and donors with legitimate interest, unless the TA recipient specifically objects to such disclosure (see Operational Guidelines for the Dissemination of Technical Assistance Information—http://www.IMF.org/external/np/pp/eng/2013/061013.pdf). Disclosure of this report (in whole or in part) or summaries thereof to parties outside the IMF other than agencies or instrumentalities of the TA recipient, World Bank staff, other technical assistance providers and donors with legitimate interest shall require the explicit consent of the TA recipient and the IMF’s Fiscal Affairs Department. This technical assistance (TA) was provided with financial support from the European Union. IMF | Technical Report 3 Contents Abbreviations and Acronyms _________________________________________________________ 5 Preface ____________________________________________________________________________ 6 Executive Summary _________________________________________________________________ 7 Recommendations __________________________________________________________________ 9 I. Overview of Local Governments’ Fiscal Revenues, Expenditures, Borrowing Patterns _______ 10 A. Territorial and Municipal Structure in Armenia ___________________________________________ 10 B. Revenues and Expenditures Composition ______________________________________________ 11 C. Yerevan City Borrowing Trends and Plans _____________________________________________ 14 II. Legislative Framework for Borrowing by Local Governments ___________________________ 16 Recommendations __________________________________________________________________ 17 III. LGs’ Fiscal Risks, Rules and PFM Readiness ________________________________________ 18 A. Fiscal Risks of Local Governments ___________________________________________________ 18 B. Fiscal Rules and Controls ___________________________________________________________ 19 C. PFM Framework for LG Fiscal Risk Management ________________________________________ 22 D. Analytical Tools and Techniques _____________________________________________________ 24 E. Subnational PFM Systems and Processes _____________________________________________ 25 Recommendations _______________________________________________________