Moody's raises sovereign rating of Armenia

YEREVAN, AUGUST 27, ARMENPRESS. Moody's International Rating Organization has raised Armenia's sovereign rating making it ''Ba3'' from ''B1'', ARMENPRESS reports PM Pashinyan wrote on his Facebook page.

The PM noted that the decision of Moody's is based on the factor that Armenia diversifies its economy, as well as on the macroeconomic stability that has been retained for a long period, which raises Armenia's economic immunity. ''Moody's noted in its report that real GDP growth in Armenia will remain high in the mid-term period'', Pashinyan wrote, adding that the development of IT sector is of particular importance, which is the main condition for a knowledge-based economy.

According to Nikol Pashinyan, this rating raises the international confidence towards the Armenian economy and significantly improves the investment attractiveness of the country.

Edited and translated by Tigran Sirekanyan