Regional

Armenian MP: Government of Armenia seeks to increase foreign debt to $5 billion

  • by Alexandr Avanesov

  • Monday, June 9, 18:13

 Armenia's foreign debt has already exceeded $4.5 bln and there is an impression that the Government does its best to increase it to $5 billion, said Naira Zohrabyan, a member of Prosperous Armenian Party Faction, when commenting on a 60 mln EUR credit agreement with the European Invest Bank submitted for ratification in the Parliament on June 6. The credit is requested for continuation of the North-South motorway. 

The parliamentarian recalled the Supervisory Chamber's inspections that revealed big embezzlements of the funds provided for implementation of the North-South project before.  He spotlighted the mechanisms of cuts. Prosperous Armenia Party Faction intends to organize hearings in the parliament to find out how purposefully are the credit funds used. She urged looking into the doubtful usage of Russia's $500 million stabilization loan.

Armenia's total state debt as of Jan 1 2014 was 1.9 trillion drams or $4.6 bln with a 1.2% growth for December and a 5.5% growth for Jan-Dec.  The share of the internal state debt is 15% or 277.7 bln drams ($684.7 mln) with a 0.6% growth for December and 8.7% growth for Jan-Dec. The share of the government bonds in the internal state debt for 2013 grew from 97.7% to 98.5% with a 9.7% year-over-year growth of the absolute indicator. The share of trade loans fell from 1.9% to 1.2% with a y-o-y decline of the absolute indicator by 33%. The remaining are guarantees that fell from 0.4% to 03% with a y-o-y decline of the absolute indicator by 10.5%.

As of Jan 1 2013, the state debt of Armenia was 1.8 trillion drams of $4.4 bln, including 1.5 trillion drams or $3.7 bln was the foreign debt and 255,5 bln drams or $633 mln - internal debt. 

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