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Regional

Finance Minister: Growth of foreign debts not critical for Armenia

  • Tuesday, June 10, 22:32

 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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