国际货币基金组织：2024年亚美尼亚共和国：更新地方政府借款框架的技术援助报告（英文版）

Republic of Armenia (RA) is a unitary state with significant financial and decision-making power concentrated at the central government. Following several waves of municipal mergers over the past two decades, Armenia has evolved from a system of many fragmented municipalities, with low capacity and resources, to a more centralized system with 71 communities, plus Yerevan City. Reflecting this centralized system, RA has a highly centralized budget structure with municipalities accounting for a