Public Efficiency and Financial Markets Program (Subprograms 1 and 2)

Development partners should both
support and take advantage of opportunities that arise when governments are committed to
reform, which should also be recognized in their country programming. the government that came to office in 2018 was strongly reform-minded. Even though
Armenia suffered two exogenous shocks in the form of the coronavirus disease (COVID-19) and
conflict with a neighboring country, reform commitment did not waver. This contributed strongly
to the ultimate outcome of this program.