Newsfeed

Artashes Shaboyan: Reduction in consumer demand has a negative effect on supermarkets

Azerbaijan mounts another sabotage attack on Line of Contact, Armenian side has 1 victim and 2 wounded

Helsinki Citizens' Assembly Vanadzor Office urges Armenian Defense Ministry to look into military conscription of a kyphotic young man

Armenia suffers no losses during crossfire initiated by Azerbaijan on Armenian-Azeri border

Tigran Davtyan: If you have a telephone with you, it means that you have a wallet with you too

Armenia's former prime minister: The indicator of the economic growth in Armenia is extremely low for the first half of 2014

RPA: OSCE Minsk Group Co-Chairs’ latest statement was addressed to Azerbaijan

French citizen lost in Gegarkunik region of Armenia

RPA does not hurry to assess 100 day activity of Hovik Abrahamyan's government

Serzh Sargsyan sees no need in arming of population of border villages

Seyran Ohanyan: Armenia has been putting in place ‘engineering facilities’ along with other measures to prevent attempts by Azerbaijani sabotage groups to infiltrate into its territory

Charges brought against Levon Hayrapetyan

Azeri State Committee for Refugees: Issues of the return of Dilgam Asgarov and Shahbaz Guliyev and the transfer of Hasan Hasanov's dead body are under control of President Aliyev

Armenian Government tries to repay its debts by transferring state-owned enterprises' assets to a U.S. company

Armenian environmentalists comment on Red Book apes imported to Armenia

All U.S. citizens traveling to or residing in Armenia are strongly encouraged to enroll in the Department of State's Smart Traveler Enrollment Program

The ICRC has already started talks to return Azeri saboteur's corpse, Azerbaijani State Committee says

Stepan Safaryan: OSCE Minsk Group prefers stroking naughty Azerbaijan

Edward Nalbandian advises his Azerbaijani counterpart not to use international arena for propaganda

Political expert: OSCE Minsk Group Co-Chairs want to lobby the meeting between Presidents of Armenia and Azerbaijan

Shmuel Meirom: Israel is willing to contribute of its experience in the field of economy, but it cannot force Israeli business to invest in Armenia

OSCE Minsk Group Co-Chairs express their serious concern about the increase in tensions and violence in Karabakh conflict zone

Heritage Party considers Volodya Avetisyan to be a political prisoner

Rostelecom expands its sales and customer service network

Arthur Grigoryan appointed commercial manager of mobile communication division at Beeline Armenia

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, 00:05

 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). 
}
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.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields