Armenia’s liquidity has further improved. Short-term debt represents slightly more than 20% of current account receipts and foreign exchange reserves cover more than four months of imports. Armenia relies on Russia as its main destination for exports and source of remittances, which represents more than 20% of current account earnings. Hence, foreign exchange pressures have further eased with the improvement of Russia’s GDP growth outlook. Even if, according to the IMF World Economic Outlook (October 2016), the current account deficit is expected to increase slightly next year from the 2.5% of GDP expected in 2016 to 3% of GDP, it remains relatively low compared to the 7.6% posted in 2014.