IMF Staff Reaches Staff Level Agreement with Armenia on the Sixth Review of the 2022-25 Stand-By Arrangement (SBA) and request of a new 3-year SBA
October 16, 2025
IMF staff and the Armenian authorities have reached a staff-level agreement on the sixth review under the current Stand-By Arrangement (SBA) as well as on policies under a new 3-year SBA.
The new SBA, which the Armenian authorities intend to treat as precautionary, aims to support continuity in the government’s policy and reform agenda to maintain macroeconomic stability and foster sustainable and inclusive growth.
Policy priorities include enhancing economic resilience, advancing a gradual fiscal consolidation by mobilizing tax revenues and prioritizing spending to maintain a moderate debt level, strengthening institutional frameworks, and continuing structural reforms to boost labor productivity, enhance trade diversification, and improve the overall business environment.
Yerevan, Armenia: An International Monetary Fund (IMF) team led by Alexander Tieman visited Yerevan from September 17-30, 2025, to conduct discussions for the Sixth review under the current Stand-By Arrangement (SBA) with Armenia and the authorities’ request of a new 36-month SBA. At the conclusion of the discussions, Mr. Tieman issued the following statement:
“The IMF team and the Armenian authorities have reached a staff-level agreement on policies for the completion of the sixth review under the three-year SBA as well as for a new 36-month, SDR 128.8 million (about US$175 million) SBA, which will continue to support Armenia’s economic reform program. The agreement is subject to approval by the IMF’s Executive Board later this year.
“Armenia’s economic activity remains robust, with real GDP growth of 5.6 percent in the first half of the year, driven by buoyant consumption and investment as well as strong tourism arrivals. Employment growth has remained steady, and inflation has temporarily picked up to 3.7 percent y/y in September, driven largely by food and services prices. The current account deficit has remained stable, reflecting strong domestic demand and normalization of goods trade, offset by strong tourism. Prudent execution of the 2025 budget has resulted in a small overall fiscal deficit of 0.4 percent of GDP through June 2025, which was lower than projected on the back of robust tax revenue performance, buoyed by strong economic activity, alongside under-execution in both current and capital expenditures. Central government debt remains moderate at 48 percent of GDP at end 2024. The banking system is highly profitable and features strong capital and liquidity buffers.
“Real GDP growth is expected to remain strong reaching about 5 and 5.5 percent in 2025 and 2026, respectively. Inflation is expected to remain around the Central Bank of Armenia’s (CBA) target by end-2025. Risks to this outlook stem mainly from the uncertainty related to the ongoing global trade tensions and potential slowdown in the growth of trading partners, and regional geopolitical risks. On the upside, growth could exceed expectations if net exports perform better than anticipated and if transport links underpinning the peace declaration are implemented more swiftly.
“The draft 2026 budget targeting a deficit of 4.5 percent of GDP, aims to preserve macro-fiscal stability while supporting Armenia’s priority spending needs, including on social protection, security, health, education, and infrastructure. Over the medium term, careful expenditure prioritization alongside tax policy efforts and strengthened revenue administration will continue to support a gradual fiscal consolidation to maintain debt at a moderate level. Reforms to strengthen medium-term fiscal planning, enhance public financial management—including through robust fiscal risk management and transparency—and bolster the public investment management framework remain critical to support fiscal efforts.
“Amid contained inflationary pressures and anchored inflation expectations, the current monetary policy stance is appropriate. In view of the significant uncertainty, the Central Bank of Armenia (CBA) should continue to monitor closely economic developments and inflation expectations and stand ready to adjust its policy rate as needed. The flexible exchange rate remains a key shock absorber, and the authorities’ commitment to maintaining adequate international reserve buffers is welcome. The CBA continues to vigilantly monitor financial sector risks and to upgrade its supervisory toolkit and capacity, including related to crypto assets.
“The government’s structural reform agenda appropriately focuses on strengthening economic resilience and fostering inclusive growth, including by boosting labor force participation among vulnerable populations, encouraging diversification in the country’s export basket and markets, and improving the business environment. Achieving these objectives requires timely and effective implementation of the authorities’ employment and export strategies, prioritizing governance reforms, and upgrading the insolvency framework to support quality investments.
“The IMF team thanks the Armenian authorities, private sector, development partners, and the diplomatic community for fruitful discussions and cooperation.”
The combination of teclistamab-cqyv (Tecvayli) and daratumumab and hyaluronidase-fihj (subcutaneous daratumumab; Darzalex Faspro) demonstrated an improvement in progression-free survival (PFS) and overall survival (OS) compared with subcutaneous daratumumab plus pomalidomide and dexamethasone (DPd) or subcutaneous daratumumab plus bortezomib and dexamethasone (DVd) in patients with relapsed or refractory multiple myeloma who received 1 to 3 prior lines of therapy, according to topline data from the phase 3 MajesTEC-3 trial (NCT05083169).1
Additionally, the safety profile of teclistamab with daratumumab was consistent with the known safety profiles of each agent as monotherapy. Full results from the phase 3 study are expected to be presented at an upcoming medical meeting and submitted to global health authorities for review.
“[Teclistamab] is the most utilized BCMA[-targeted] bispecific [antibody] in later lines of myeloma treatment, supported by extensive clinical and real-world evidence. These results [from MajesTEC-3] demonstrate the clinical benefits of teclistamab in earlier lines when used in combination, as evidenced by meaningful PFS and OS outcomes,” Maria-Victoria Mateos, MD, PhD, a consultant physician in Hematology at the University Hospital of Salamanca, stated in a news release. ” [Teclistamab and subcutaneous daratumumab] uniquely work together to target both BCMA and CD38 simultaneously, priming and activating the immune system and eliminating myeloma cells.”
In October 2022, the FDA granted accelerated approval to teclistamab for the treatment of adult patients with relapsed or refractory multiple myeloma who have received at least 4 previous lines of therapy, including a proteasome inhibitor (PI), an immunomodulatory agent, and an anti-CD38 monoclonal antibody.2
Teclistamab Plus Daratumumab in R/R Multiple Myeloma
MajesTEC-3 showed teclistamab plus subcutaneous daratumumab improved PFS and OS vs DPd or DVd in relapsed/refractory multiple myeloma after 1 to 3 prior lines of therapy.
The safety profile of the combination was consistent with the known profiles of each agent as monotherapy.
Full data will be presented at an upcoming medical meeting.
What was the design of the MajesTEC-3 trial?
The phase 3 MajesTEC-3 trial was a randomized, open-label study designed to evaluate the efficacy and safety of teclistamab plus subcutaneous daratumumab compared with DPd or DVd in patients with relapsed or refractory multiple myeloma.3
Eligible patients were required to have a confirmed diagnosis of multiple myeloma after 1 to 3 prior lines of therapy that included a proteasome inhibitor (PI) and lenalidomide (Revlimid). Those who received only 1 prior line of therapy needed to be refractory to lenalidomide. Other key inclusion criteria comprised evidence of progressive disease, an ECOG performance status of 0 to 2, and adequate laboratory values.
Participants were randomly assigned to receive either teclistamab/daratumumab or investigator’s choice of DPd or DVd. In the experimental arm, step-up doses of teclistamab were administered prior to the first full dose.
Along with the primary end point of PFS and key secondary end point of OS, other secondary end points included overall response rate, very good partial response or better rate, complete response or better rate, minimal residual disease–negativity rate, time to second disease progression, PFS on next line of therapy, time to next treatment, duration of response, and safety.
“The MajesTEC-3 study results of [teclistamab and daratumumab], two of our most important agents, demonstrate Johnson & Johnson’s leadership in developing regimens with complementary and synergistic mechanisms of action for patients with multiple myeloma. We are confident this combination is poised to be a new standard of care option,” Yusri Elsayed, MD, MHSc, PhD, global therapeutic area head of Oncology at Johnson & Johnson Innovative Medicine, added in a news release.1 “The increase in PFS and OS is another example of how our portfolio is fundamentally transforming how patients with multiple myeloma are treated.”
References
Tecvayli plus Darzalex Faspro combination regimen significantly improves progression-free survival and overall survival versus standard of care. News release. Johnson & Johnson. October 16, 2025. Accessed October 16, 2025. https://www.jnj.com/media-center/press-releases/tecvayli-plus-darzalex-faspro-combination-regimen-significantly-improves-progression-free-survival-and-overall-survival-versus-standard-of-care
FDA approves teclistimab-cqyv for relapsed or refractory multiple myeloma. FDA. October 25, 2022. Accessed October 16, 2025. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-teclistamab-cqyv-relapsed-or-refractory-multiple-myeloma
A study of teclistamab in combination with daratumumab subcutaneously (SC) (Tec-Dara) versus daratumumab SC, pomalidomide, and dexamethasone (DPd) or daratumumab SC, bortezomib, and dexamethasone (DVd) in participants with relapsed or refractory multiple myeloma (MajesTEC-3). ClinicalTrials.gov. Updated October 10, 2025. Accessed October 16, 2025. https://clinicaltrials.gov/study/NCT05083169
When Chinese AI startup DeepSeek became a global sensation in January, it not only shocked Silicon Valley but also startled ByteDance, TikTok’s parent company. The Chinese tech giant had already launched Doubao, its own flagship AI assistant app with tens of millions of users. But when DeepSeek became the best-known Chinese AI company overnight, no one was talking about Doubao anymore.
Now, ByteDance has gotten its revenge. By August, Doubao regained the throne as the most popular AI app in China with over 157 million monthly active users, according to QuestMobile, a Chinese data intelligence provider. DeepSeek, with 143 million monthly active users, slipped to second place. The same month, venture capital firm a16z also ranked Doubao as the fourth-most-popular generative AI app globally, just behind the likes of ChatGPT and Google’s Gemini.
Doubao, which launched in 2023, was deliberately designed to be personable. Unlike most popular AI chatbots, Doubao’s app icon features a human-looking avatar—a female cartoon character with a short bob that greets people when they open the app for the first time. The name Doubao literally translates to “steamed bun with bean paste,” mimicking “the nickname a user would give to an intimate friend,” ByteDance vice president Alex Zhu said in a public speech in 2024.
Compared to Western AI apps, “there’s a warmer, more welcoming feel,” says Dermot McGrath, a Shanghai-based investor and technologist. “ChatGPT, for example, feels like a tool you open to complete a task and then close again. Doubao has more features and a more colorful user interface that keeps you interested longer.”
The Everything App
Doubao offers users a little bit of everything—it’s like ChatGPT, Midjourney, Sora, Character.ai, TikTok, Perplexity, Copilot, and more in a single app. It can chat via text, audio, and video; it can generate images, spreadsheets, decks, podcasts, and five-second videos; it allows anyone to customize an AI agent for specific scenarios and host it on Doubao’s platform for others to use. One of the most important things about the app, however, is that it’s deeply integrated with Douyin, the Chinese version of TikTok, allowing it to both attract users from the video platform and send traffic back to it.
Somehow, ByteDance’s ambitiously sprawling strategy for Doubao has turned out to be exactly what Chinese users wanted. A little over two years since its launch, Doubao has quietly become the AI app that Chinese people—particularly those who aren’t very AI savvy—are actually using. But it has almost no name recognition in the West.
“It’s marketed at people who are not the most technologically informed, people who may prefer voice chat and video interaction over text,” says Irene Zhang, a researcher at ChinaTalk, a newsletter about Chinese tech. “Some of the earliest Doubao users I heard of were my friends’ grandmothers and aunties.”
An IAEA meeting on the Generic RoadMap project, which supports nuclear newcomer countries in developing nuclear safety infrastructure, highlighted the critical role of capacity building in sustaining national safety infrastructure.
“As countries look for ways to address their energy needs, nuclear power is attracting increasing attention,” said Anna Bradford, Director of the IAEA Division of Nuclear Installation Safety. “New modalities and initiatives are needed to support efforts to strengthen the global nuclear safety regime.”
The Generic RoadMap
Launched in 2020, the Generic RoadMap (GRM) is part of the IAEA’s efforts to strengthen nuclear safety infrastructure. The GRM guides countries embarking on a nuclear power programme with practical information on how to establish and maintain a comprehensive national nuclear safety infrastructure. This includes practical guidance and information on implementing actions recommended in SSG-16 (Rev.1) to establish and maintain the safety infrastructure for an initial nuclear reactor while meeting all applicable safety requirements.
The GRM is supported by training materials, peer review services and a series of topical publications that complement IAEA safety standards. These resources incorporate lessons learned, challenges identified and solutions implemented by countries that have embarked on or expanded nuclear programs.
Establishing and Integrating Safety Infrastructure
The draft GRM Safety Report, which provides guidance to member countries on meeting IAEA safety standards, was presented to global experts attending the event. The report takes a strategic approach that outlines priorities and associated tasks within a typical timeline from planning to operation. Discussions focused on how to establish and integrate safety infrastructure for a nuclear power plant programme, with presentations on all phases of nuclear reactor projects, from pre-planning to construction and operation.
Designed to be flexible and scalable, the report’s guidance addresses the needs of both embarking and expanding countries. Member countries with established safety infrastructure were encouraged to conduct a tailored gap analysis to ensure that safety measures are adapted according to their specific contexts.
“The GRM can be utilized by Member States at various levels of ‘nuclear maturity’ and across different phases to establish or enhance their nuclear safety infrastructure,” said Idris Yau Usman, the meeting’s Co-chair and Chairman of the Nigerian Nuclear Regulatory Authority, adding that “it supports the integration of lessons learned, helps avoid common challenges and promotes the harmonization of international regulatory practices.”
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We are exiting our position in Abbott Laboratories , selling 250 shares at roughly $129. Following the trade, Jim Cramer’s Charitable Trust will no longer hold a position in Abbott. Abbott Labs reported a mixed quarter on Wednesday as strength in its medical devices business was partially offset by softness in its nutrition and diagnostics units. For such a high-quality company with a long track record of beating analyst estimates and raising its full-year outlook, this was the second consecutive quarter where it either cut or maintained its guidance. Shares of this diversified health-care company have had a solid year, gaining about 14% and outperforming the broader health-care sector’s gain of about 4%. However, the stock has stalled out since July alongside the lack of positive earnings revisions from the second-quarter report. Another quarter without a guide up could mean the stock will continue to trade sideways. Instead of holding on to this tiny position, we are freeing up this capital for better opportunities. Finally, this sale will increase our cash position to around 7.5% of the portfolio. Due to the market’s sensitivity to trade relations with China, having this extra cash will give us more flexibility should we see another headline-driven sell-off. From this sale, we will realize an average gain of about 24% on stock purchased in April and May 2024. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
The head of the International Monetary Fund has admitted that worrying about the risks building up in non-bank lending markets keeps her awake at night.
Kristalina Georgieva on Thursday urged countries to pay more attention to the private credit market, after the failure of sub-prime auto lender Tricolor and the car parts supplier First Brands.
Speaking at the IMF’s annual meeting in Washington DC, Georgieva said the fund was concerned about the “very significant shift of financing” from the banking sector to non-bank financial institutions (NBFIs).
Those NBFIs are not regulated as closely as the banking sector, she pointed out, meaning the world could end up in “a difficult place” if the private credit sector continues to grow significantly and the global economy then weakens.
“This is why we are urging more attention to the non-bank financial institutions,” Georgieva told reporters, suggesting there should be more oversight of the sector. “You are asking the question that keeps me awake every so often at night.”
First Brands and Tricolor had both been backed by private credit within the so-called shadow banking sector, which is not directly regulated and is not forced to disclose the level of risks on their books.
On Tuesday, the head of JP Morgan, Jamie Dimon, warned that more “cockroaches” could emerge from the private credit industry.
“My antenna goes up when things like that happen. I probably shouldn’t say this but when you see one cockroach, there’s probably more. And so everyone should be forewarned at this point,” Dimon said.
Georgieva says the IMF is being “very watchful”, but argues that “so far, not that many cockroaches” have been spotted.
She said she was encouraged that countries across the globe have better policy frameworks than were in place before the global financial crisis of 2008, while “systemically significant economies” have accumulated massive reserves to cope with problems.
But, she cautioned that many countries have exhausted their fiscal buffers, meaning they have little budget headroom to handle a financial crisis, while central banks are still battling inflation, and urged vigilance over the non-bank sector.
“In this environment, of course, the security blanket is covering us, but maybe we have a foot out in the cold. We have to be vigilant. What do we do? We watch it very carefully,” Georgieva said.
She also cited the “stretched valuations” in the stock market as a concern, in the event that the enthusiasm about AI doesn’t pay off, or its benefits take too long to arrive.
Back in June, BlackRock predicted that the private credit sector’s assets under management would grow to $4.5tn by 2030, up from an estimated $3tn today.
BlackRock’s Amanda Lynam and Dominique Bly argued that there is an “expanding addressable market” of both investors and borrowers for private credit. “Indeed, private credit has evolved from an asset class that was best placed to accommodate niche financing solutions, or lending to smaller, middle-market borrowers, to a sizeable, scalable, stand-alone asset class,” they added.
Earlier this week, the IMF warned that the growing exposure to NBFIs is generating concentration risk among some banks in the US and Europe.
The fund is concerned that banks are increasingly lending to private credit funds because these loans often deliver higher returns on equity than traditional commercial and industrial lending, thanks to the lower capital requirements allowed by their collateral structure.
It also warned US stock markets – which have rallied during the AI boom – are at risk of a “sudden, sharp correction” while government bond markets are under mounting pressure.
I am happy to share that SAP Cloud ERP has been recognized as a Leader in the Gartner Magic Quadrant for Cloud ERP for Service-Centric Enterprises for the fourth year in a row.
Gartner Magic Quadrant for Cloud ERP for Service-Centric Enterprises
This recognition is based on our Completeness of Vision and Ability to Execute in the cloud ERP market for service-centric enterprises.
As businesses navigate constant change, they need systems that connect every function, scale intelligently, and provide infrastructure for continuous innovation. I believe this recognition underscores SAP’s commitment to deliver exactly that.
SAP Cloud ERP is the foundation of our broad portfolio of applications, and the centerpiece of the SAP Business Suite. It’s an out-of-the-box enterprise management solution with embedded AI, real-time insights, and the agility to support growth at any stage. Verticalized from day one with industry-specific best practices and capabilities, SAP Cloud ERP helps organizations scale intelligently, stay compliant, and adapt quickly.
Source: Gartner
When we speak to customers, they appreciate that SAP Cloud ERP is part of a broader portfolio, including our cloud platform SAP Business Technology Platform (SAP BTP), and that it allows customers to quickly take advantage of the latest AI innovations with Joule. In addition, SAP stands out for our extensive, global network of implementation partners.
For us, this recognition is a milestone, but it also pushes us to keep innovating and delivering even greater value to our customers. We hear from customers that we need to be clearer in our value proposition, make adoption easier, and speed up innovation delivery. We take this feedback seriously:
Cross-functional complexity: We are accelerating the SAP Business Suite strategy to deliver tighter native integration, a unified user experience, and simplified end-to-end processes across finance, supply chain, procurement, HCM, and CX.
Live customers in complex organizations: Building on global deployments like Bain & Company, we are expanding programs, references, and accelerators to further invest in our industry and geographic scale.
Pricing clarity: To make planning and TCO more predictable, we have launched persona-based bundles that simplify pricing and clarify the path to adopting AI and extensibility at scale.
Pursuing innovation
Today, the need for clarity and alignment across every business function is critical. Businesses run on a unique mix of applications and data sources, often creating heterogenous landscapes that are difficult to connect. To meet their goals, businesses need a solution that goes beyond isolated applications for individual challenges.
SAP Business Suite offers a path to connecting every business function, including: an end-to-end portfolio that unifies connected applications, powerful AI agents, and contextualized data on SAP Business Technology Platform. Together, they orchestrate cross-functional processes across an interconnected landscape.
And as the foundation of SAP Business Suite, SAP Cloud ERP ensures seamless integration across finance, supply chain, procurement, and more. With SAP Cloud ERP at the core, SAP Business Suite streamlines critical business functions into a unified system. Our scalable, flexible solutions ensure businesses of all sizes benefit from modern, tailored ERP.
I believe this recognition from Gartner highlights the need for intelligent, modular cloud ERP. With SAP’s integrated approach, organizations can harmonize data, automate at scale, and expand across regions and industries. As we celebrate this recognition, we remain focused on continuing to lead through innovation and impact.
Read the full report.
Eric van Rossum is chief marketing officer of SAP Business Suite and CPO Globalization & Industries at SAP.
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Gartner, Magic Quadrant for Cloud ERP for Service-Centric Enterprises, 13 October 2025, Robert Anderson Et Al. Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from SAP.
