Validation of Armenia Country Partnership Strategy Final Review, 2019–2023

Evaluation Document | 22 September 2023
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Validation of Armenia Country Partnership Strategy Final Review, 2019–2023

The validation covers 41 sovereign and nonsovereign active operations in Armenia from 2019 to 2022, valued at $1.4 billion. During the validation period, Armenia has recently experienced multiple internal and external shocks from (i) the coronavirus disease (COVID- 19) pandemic, (ii) military conflict with Azerbaijan, (iii) post-conflict domestic political turmoil, and (iv) the Russian invasion of Ukraine. Despite these shocks, the economy has been performing well. However, Armenia’s economic outlook remains uncertain, with implications for the ADB program. In dealing with this uncertainty, the validation recommends ADB to: (i) retain flexibility in how it responds to the country’s needs, (ii) intensify support for private sector development through improved complementarity between sovereign and nonsovereign operations, (iii) strengthen and deepen the knowledge-based relationship with Armenia, and (iv) provide Armenia with innovative ways to seek opportunities and benefit from regional cooperation and integration.