Armenia faces severe foreign debt

The external debt of the Government of Armenia in 2012 increased by nearly $300 million compared to 2011, reaching $3.869 billion, chairman of the NA Standing Committee on Financial, Credit and Budgetary Affairs of the National Assembly of Armenia, Gagik Minasyan said, ARKA reported.

"It is projected that up to 2012, the external debt of the Government of Armenia will reach $3.859 billion, compared to $3. 568 billion in 2011," Minasyan said.

Chairman of the committee said that the foreign debt of the Central Bank of Armenia is about $800 million and its funding is not due to the state budget of the country.

He stressed that the external debt of the Government of Armenia is 37 per cent of the GDP which is the average or low debt burden.

According to the NSS, as of September 30, 2012, Armenia's foreign debt totaled $3.7 billion, which is 4.8 per cent more than the amount of debt as of December 30, 2011.




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