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Fundamentally, Armenia may be pro-Russian but it does not mean that it may be pro-Putin, Richard Giragosian says

Ex-defense minister of Armenia: NKR Defense Army brilliantly conducted a risky special operation

Seyran Ohanyan: Parts of Armenian helicopter downed by Azerbaijan to be submitted for examination

Armenia confirms it will participate in Baku 2015 European Games, Patrick Hickey says

OSCE Minsk Group Co-Chairs' Nov 19 statement changed due to Azerbaijan's hysteria

Armenian Defense Ministry hints at big losses in Azerbaijani army due to special operation of NKR Special Forces

Armenia's banks have opportunity to expand their customer base in regions

Armenian Special Forces' actions excite admiration but they do not justify the criminal negligence of Armenian leadership, Artsakh war veteran says

NKR Defense Army Special Forces recover remains of downed Mi-24 helicopter crew

Minister advises Armenian jewelers to hire Indian diamond-cutters to enhance labor efficiency

In 2014 Armenia reduced imports of rough diamonds mostly due to decline in supplies to Russia

Karen Mirzoyan: Karabakh authorities have been taking all the necessary steps for returning of the bodies of the members of MI-24 crew

Every third resident of Armenia is "statistically" poor

Vahe Hakobyan dismissed from the position of the Head of Armenia's Water Management Committee

Ameria Management Advisory enlarges geography of its activities

David Babayan: James Warlick has de facto recognized the presence of a state border between Nagorno-Karabakh and Azerbaijan

MP from Armenian National Congress: Non-power parliamentary forces should be guided by statements of Ruben Hakobyan rather than Raffi Hovannisian

Raffi Hovannisian: Such a short distance between Armenian helicopter and Azeri positions raises numerous questions to Armenian command

Russian professor: Russia's political forces, starting from government officials to opposition, use xenophobic slogans

View from Moscow: Accession to Eurasian Economic Union will not increase number of Armenian citizens migrating to Russia

Expert: Developments in domestic political life of Armenia by no means comply with geopolitical processes in the world

France advocates returning Armenian pilots' bodies to Armenia

Russian professor: In case of the economic crisis growing, we have to expect much outflow of migrants from Russia

Political expert: Armenia has to choose between a maidan and a compromise with the opposition

Green activists again find violations at small hydro power plants (HPP) "Khachaghbyur-1" and "Khachaghbyur-2"

Surfactant saves lives of 135 premature babies in Armenia

Beelines supports repair of Artanish Cultural Center's roof

Stepanakert: Nagorny Karabakh Defense Army bears no relation to murder of Azerbaijani soldier

Head of Water Management Committee still performs his duties

Cooperation agreement between ACBA-CREDIT AGRICOLE BANK and VTB Bank (Armenia) opens up new opportunities for their cardholders

Azerbaijani Defense Ministry surprised at OSCE Minsk Group Co-Chairs' statement

Expert: Progress in Iran's nuclear talks with the West will not cause changes in its relations with the South Caucasus nations

Expert: Latest geopolitical shifts have given Iran good ground for active foreign political moves

Heritage Party discontented at decision of Parliament Commission for Foreign Affairs

Azerbaijan's parliament vice speaker qualifies OSCE MG co-chairs' statement as absurd

Armenia not to exchange Azeri raiders for bodies of three pilots of downed Armenian helicopter

Piano Battle in Yerevan: Germany's Piano Virtuosi Andreas Kern vs Paul Cibis

ACBA-Credit Agricole Bank, World Vision Armenia and Hayastan All Armenian Fund open Education Center in Gavar

OSCE co-chairs urge Azerbaijan to permit recovery of bodies of crew of shot-down Armenian helicopter

United States again uses just declarative phrases to comment on shooting down of Armenian helicopter by Azeris

Mass media: Robert Kocharyan and a group of oligarchs are going to repay Armenia's foreign debt

Armenian FM using all possible contacts to find out what has happened to crew of Armenian helicopter downed by Azeris

Tbilisi: Nothing is being done to reopen Abkhazian railway

Beeline and "Professionals" Foundation to cooperate under youth programs

First mobile bank in Armenia - mConverse - is already available for Converse Bank customers

PACE condemns Azerbaijan's use of prisoner transfer treaty in 'Safarov case'

Iran's Ambassador displeased with situation in Nagorno-Karabakh conflict zone

Nagorno-Karabakh conflict isn't resolved because of Baku's approaches

Expert: By its behavior Azerbaijan has launched an open challenge against international structures

Parliamentary opposition refuses to negotiate with Government

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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