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Pope to Armenian people: Your sufferings are our own

Pope Francis participates in ecumenical meeting with Patriarch of Armenian Apostolic Church, Karekin II, in Yerevan

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Detentions continue in Yerevan

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Fr. Federico Lombardi, S.J. says Pope Francis speaks about past tragedies not to inflame wounds, but to help create grounds for reconciliation

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Pope Francis visits Our Lady of Armenia Catholic Educational Center in Gyumri, Armenia

Pope Francis expresses his gratitude to religious and civil authorities of Armenia

Pope Francis talks to the faithful

Pope Francis delivers a homily in Gyumri

Venice Commission experts make remarks about new proposals on Electoral Code of Armenia

Arsen Khojoyan, who was taken captive in Azerbaijan, kills a 17-year-old girl in Armenia

Pope Francis holding his first Mass in Gyumri, Armenia

OSCE MG urges Azerbaijan and Armenia to remove all remaining obstacles to expanding OSCE CiO Personal Representative's mission

Pope Francis and Catholicos of All Armenians arrive in Gyumri

Pope Francis visits Tsitsernakaberd Memorial dedicated to Armenian Genocide victims

Monument to Grigor Narekatsi to be erected in Vatican, Director of Holy See Press Office Federico Lombardi says

OSCE CiO Frank-Walter Steinmeier is expected to travel to South Caucasus

President Serzh Sargsyan and His Holiness Pope Francis had private meeting

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Charge pressed against commander of serviceman driven to suicide

Souvenir sheet and mini-sheet with four stamps dedicated to visit of Pope Francis to Armenia put into circulation

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Naira Zohrabyan: It is necessary to suppress Turkish fascism

Nino Burjanadze: It is absolutely unfavorable for Georgia to join NATO now

Situation around Nagorno-Karabakh is rather vulnerable, Ambassador Piotr Switalski says

Pope Francis arrives in Armenia

Central Valley Congressmen urge US to follow Pontiff's lead in reaffirming Armenian Genocide

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Eduard Sharmazanov sees generally positive tendency in Karabakh peace process

France-based committee for political prisoners in Armenia addresses Pope Francis over Zhirayr Sefilyan's detention

Vice Speaker of Armenian Parliament says Moscow reacted very strongly to Baku's attempt to distort situation around Karabakh

Senior advisor on Iran at the U.S. State Department says Armenia contributed to Iran's recent nuclear deal with the West

Nino Burjanadze sees no prerequisites for Saakashvili to return to power in Georgia

Armenian oppositionist MPs from Armenian National Congress Party visit Zhirayr Sefilyan at penitentiary

Russian Foreign Ministry against Azerbaijan's interpretations of results of St. Petersburg meeting

Tevan Poghosyan: Serzh Sargsyan left for Artsakh after Petersburg meeting in order to deliver "new information"

Nikol Pashinyan lodges a parliamentary request to Special Investigative Service and Police over Samvel Alexanyan case

Alekper Aliyev: Nothing can justify our protracted fratricidal war

Heritage Party recruits volunteers as members of electoral commissions and observers

PACE adopts resolution condemning situation with functioning of democratic institutions in Turkey

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Stratfor: Russia's apparent objective is to shape Nagorno-Karabakh into a manageable crisis

Czech President Milos Zeman recommends that lawmakers discuss resolution denouncing Armenian genocide in Ottoman Turkey

ANCA: Pope's Visit to Armenian Genocide Memorial an Open Challenge to Turkey's Campaign of Denial

Pope Francis and President Serzh Sargsyan to make a joint statement in Yerevan

Regional

Nikol Pashinyan: North-South road corridor proved in the focus of the behind-the-scenes struggle inside power in Armenia

  • by Ashot Safaryan

  • Tuesday, June 10, 05:05

 Construction of the North-South road corridor proved in the focus of the behind-the-scenes struggle inside power in Armenia, MP Nikol Pashinyan said in the course of the parliamentary discussions on additional $170 million loan for construction of the road corridor, Monday. 

"I'd like to congratulate Serzh Sargsyan on this jubilee loan - Armenia's foreign debt exceeded $4 billion," Pashinyan said adding that as parliamentarian he has always voted against new credit agreements.  He said every new loan paves a way to new embezzlements, corruption schemes and siphon off money by the top leadership. 

"The first thing Gagik Beglaryan did immediately after taking the office of the minister of transport and communications was to fire Ara Hovsepyan from the post of the investment program director.  The latter is the right-hand of Serzh Sargsyan's son-in-law, whose 'political clan' from time to time  'attacks' the project. Actually, there is severe right for new loans," Pashinyan said.

According to him, the country's foreign debt grew thrice under Serzh-Sargsyan-Tigran Sargsyan tandem, amid 10% growth of poverty and population decline by 200,000 people. "What the raised loans were spent on and why the people living under poverty level have to redeem those loans, that is the question," the parliamentarian said. 

According to ArmInfo's expert calculations based on the official statistics, the debt burden per capita grew from $1400 to $1500 in 2013, while foreign debt per capita grew from $1200 to $1300. In the crisis year 2009, this indicator was only $550. Considering the large-scale migration from the country, the number of the population is much lower than official data (from 3.027 million people in 2012 to 3,107 million people in 2013), the foreign debt burden per capital grew even higher. The share of the foreign debt in GDP of Armenia in 2009-2012 was 35%-38%, growing 26% in absolute term amid slackening GDP growth rates (given the 14% decline in 2009). 
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By statistical data, 87% or $3.395 bln of the foreign debt is the share of the government, with the remaining 13% or $508.3 mln being the share of the Central Bank. 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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