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Armenian National Congress calls on the citizens to join the campaign against rising energy costs on May 27

Armenia's simultaneous cooperation with NATO and CSTO creates no problems, a German official says

Orange Foundation continues community development projects in Syunik region

"Rusastanyan 20" and "Rusastanyan 35" Beeline services available for postpaid subscribers

American Congressman: Menace of Terrorism and Radical Islam might Unite Armenians and Azerbaijani

Diplomatic source: Final declaration of Riga summit should be a consensus document that would refer to the views of Armenia and Belarus

"No to Robbery" to hold a motor rally on May 23

Belgian prime minister says Armenian Genocide did happen and no one in Belgium thinks differently about it

VTB Bank (Armenia) offers "Super-rate" offer - conscientious borrowers regain 10% of the loan interest paid

"Eastern Partnership" Declaration Unanimously Adopted with only UN Countries Endorsing the Wording on "Annexation of Crimea"

Latvian FM says Armenia and Azerbaijan can claim visa liberalization with EU, if they meet all the necessary requirements

European Commissioner: Cross-border cooperation between Armenia and Azerbaijan to open up new opportunities for Karabakh conflict settlement

OSCE Planned Monitoring: Azerbaijan fails to lead monitoring mission to frontline

William Lahue: NATO's Cooperation with Partners not Against Russia's Interests

ESCAP Forecasts 0.9% Growth of Armenia's Economy and 4.7% of Inflation

President of Armenia: Nagorno Karabakh has no relation whatsoever to Azerbaijan's territorial integrity

Conditioned by Wording on Artsakh Azerbaijan Refused to Sign "Eastern Partnership" Declaration

Ara Nranyan stresses the need to avoid unreasonable stimulation of import and regressive closure of markets

The Number of Operating Air Carriers in Armenia Decreased from 35 to 27 since the "Open Skies" Policy Implementation

30 people interrogated under case of attempted assassination of Syunik Governor

Edward Sharmazanov: Genocide of Armenians, Pontics and Assyrians is a Disgraceful Page of Human History

Armenian-German Forum has been Launched in Bundestag

Ashot Ghulyan Re-elected as Speaker pf Artsakh Parliament

South Caucasus Railway launches sale of Yerevan-Batumi-Yerevan tickets

Businessman Tigran Karapetyan to Bring Suit against Adviser to Syunik Governor for Slander

Azerbaijan Trying to Hinder the NATO Seminar in Yerevan

Armenian Government Endorsing a Draft Document with Microsoft

German Chancellor says Germany respects Armenia's point-of-view

Human rights defender: To fight tortures of suspects, legislative reform is needed in Armenia

Polish MP says friendly relations with Armenia have always been important to Poland

Oppositionist slams Prosecutor General for concealing Syunik Governor's crimes

Armenian delegation participates in NATO Military Committee meeting in Brussels

European Organizations to Allocate about 8.07 Mln EUR to Armenia for Garbage Collection

Reuters: As Armenia and Belarus refuse to sign up the statement on Crimea, EU diplomats say compromise text would be put to them

Dunja Mijatovic: In Armenia, Azerbaijan, and Belarus freedom of media under threat

Shootings Towards Syunik Governor's Car

On May 21 Serzh Sargsyan Will Leave for Latvia to Participate in the Riga Summit

Armenia among Eurovision finalists

Howard Stevenson: We believe investments like Amulsar will be key to raising the bar

VTB Bank (Armenia) funds construction of Progress Agro greenhouse facility

U.S. Ambassador Marks International Day Against Homophobia

"Ecotomato" Company's New Greenhouse was Opened with Financial Support from VTB Bank (Armenia)

Man Attacked by Syunik Governor's Son Loses His Eye

Newspaper: Armen Ashotyan to be appointed as Secretary of National Security Council

ACBA: A Year with and without Stepan Gishyan

"Stepan Gishyan" Benevolent Fund Set Up Upon the Initiative of ACBA-Credit Agricole Bank

Gagik Tsarukyan's guard pressing Abovyan residents protesting against oligarch's actions

Artyom Asatryan: Implementation of integrated social service system will improve efficiency of community workers

Finance Minister: Growth of foreign debts not critical for Armenia

  • Tuesday, June 10, 17:32

 The growth of foreign debts is not critical for Armenia.  In addition, given the current situation, Armenia will continue the policy of raising foreign loans. The statement came from Deputy Minister of Finance, Chief Treasurer of Armenia Atom Jhanjugazyan, in response to the question by MP Naira Zohrabyan (Prosperous Armenia Party) as to why the raised loans do not help reduce migration, poverty and unemployment in the country. 

The chief treasurer said Armenia is among the countries with minimum level of foreign debts and there are no risks to service of these debts. He brought the example of the long-term Russian loan (10 years).  Armenia successfully manages foreign borrowings, he said. Jhajugazyan disclaimed the opposition's accusations about the growing migration, poverty and unemployment. The foreign borrowings and the proceeds from state property privatization are used to fund the budget deficit, he said.  

In Jan-Apr 2014 as compared with Jan-Apr 2013 Armenia's foreign debt grew by 1.5% to 1.606tln AMD ($3.888bln) or 85.2% of the state debt. In Apr 2014 it grew by 0.6%.According to the National Statistical Service of Armenia, 87.3% of the foreign debt or $3.394bln was the Government's debt, 12.7% or $494.1mln was the debt of the Central Bank. 

As of May 1 2014 Armenia's state debt totaled 1.884tln AMD or $4.560 (0.1% more than in Mar 2014 and 1.2% more than in Jan-Apr 2014), wherein the share of the internal state debt was 14.8% or 227.8bln AMD ($672.5mln).

In 2013 Armenia's foreign debt grew by 5%. GDP grew by 3.5%. The share of the state debt in GDP was 44%, that of the foreign debt 37%.  Officially, per capita debt made up $1,500, but experts believe that due to continuing emigration it must be higher.
As of Jan 1 2013 Armenia's state debt made up 1.8tln AMD or $4.4bln, foreign debt 1.5tln AMD or $3.7bln, internal debt 225.5bln AMD or $633mln, gold and foreign currency reserves $1.8bln. 

As of Jan 1 2004 state debt made up 1.9tln AMD or $4.6bln, foreign debt 1.6tln AMD or $3.9bln, internal debt 279.7bln AMD or $689.4mln.

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