The International Monetary Fund expects Armenia's GDP to grow by 3% and annual inflation to reach 2% in 2017, the IMF mission chief Hossein Samiei said on Wednesday, April 12, as the mission completed its visit to Armenia.

At a meeting with prime minister Karen Karapetyan in Yerevan, Samiei said the IMF "has received positive signals" about the activity of Karapetyan's government.

"We attach great importance to the issue of attracting foreign investments and are happy that the government is taking measures to this end," the IMF mission chief said.

"Also, we met with the representatives of the Center for Strategic Initiatives and are pleased to register that active steps are being taken to improve the business environment and promote the attraction of new investments."

Karapetyan said, in turn, that the second phase of tax and customs reforms will soon begin.

"We are well aware of the situation and are determined to implement reforms in all areas, as we experience efficiency deficit," Karapetyan said.

"We'll develop a five-year plan for the development of Armenia in the near future."

Armenia's economic growth stood at just 0.2% in 2016. The government has targeted a GDP growth of at least 3.2% for 2017.