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Intro -- CONTENTS -- Abstract -- Acknowledgments -- Acronyms and Abbreviations -- Introduction -- Chapter 1. Traditional and Alternative Approaches to the Evaluation of Fiscal Adjustment -- Chapter 2. Quasi-Fiscal Activities in the FSU Countries -- Chapter 3. Armenia: Public Sector Balance and Hidden Deficit -- Chapter 4. Hidden Budget Subsidies, Quasi-Fiscal Subsidies and Contingent Liabilities in Armenia -- Chapter 5. Financing of Hidden Deficit and Ultimate Recipients of Quasi-Fiscal Subsidies -- Chapter 6. Main Policy Conclusions -- ANNEXES -- References -- TABLES -- FIGURES.