IMF Executive Director Discusses Armenia, Europe, Global Economy at AUA

YEREVAN, Armenia – On March 12, 2018, the American University of Armenia (AUA) hosted a guest lecture on the governance and tasks of the International Monetary Fund (IMF) by Anthony De Lannoy. AUA President Dr. Armen Der Kiureghian introduced De Lannoy, who is one of the 24 Executive Directors of the IMF and represents 15 countries in the IMF Dutch-Belgian Constituency, including Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, Macedonia, Moldova, Montenegro, the Netherlands, Romania, and Ukraine.

De Lannoy started his presentation with a general introduction of the IMF, its history, governance and tasks. The IMF is an international organization conceived in 1944, which aims to foster global economic cooperation, ensure and maintain stability in the international monetary system, and to prevent economic crises. De Lannoy mentioned, “One of the crucial aspects of the governance of IMF is that almost all the decisions are made by consensus, so we hardly ever have to vote.”

Among the tasks of the IMF are surveillance, which covers macroeconomic policies, stability of the financial sector, and reduction of risks and vulnerabilities; capacity development, which provides technical assistance and training to member countries; as well as lending, which ensures balance of international payments and stabilization of the macroeconomy.

De Lannoy also addressed such issues as European representation in the IMF, the role of the IMF in Armenia and in the changing world, as well as the challenges for the future.The IMF noted in a report published in July 2017 that, “Since its independence, Armenia has made significant strides in enhancing macroeconomic stability.

During the lecture, attendees had the opportunity to ask De Lannoy questions related to data collection on countries, precautionary credit lines, and debt relief, among others.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia and affiliated with the University of California. AUA provides a global education in Armenia and the region, offering high-quality, graduate and undergraduate studies, encouraging civic engagement, and promoting public service and democratic values.