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Russian ambassador about pressure on Armenia: It is impossible to achieve the necessary result by exerting pressure on either of the parties

Eduard Sharmazanov: Baku's statements that Armenia produces nuclear weapons are insanity

Heritage: New Electoral Code fails to enhance public confidence in electoral processes

Eduard Sharmazanov: Samvel Babayan has the right to conduct any activities within the limits of the law

Seyran Ohanyan on Samvel Babayan's return: His heroic deeds are not forgotten

ACBA-Credit Agricole Bank launches ACBA Ticket free mobile app aimed at ensuring efficient customer service at branches

Yerevan hosts an exhibition of German artist Stefan Schwarzer's paintings

Deputy Minister: Modern cancer center to open in Armenia by late 2016

Armenian Ombudsman informs CoE Commissioner for Human Rights of atrocities committed by Azerbaijani Armed Forces

Fuel Company of Rosatom TVEL and Global Nuclear Fuel Sign Agreement to License and Supply TVS-K Fuel in U.S.

President Sargsyan and Head of "Russian Railways" discussed modernization of Armenian railway infrastructure

Baku to "blacklist" Bulgarian lawmakers for visiting Nagorno-Karabakh

Optimization goes full speed: Armenian government refused 30 cars over week

Edward Nalbandian: Armenia-Artsakh agreement on mutual military support is being elaborated

Nalbandian responds to Switalski

Samvel Babayan: I am back to Artsakh and it is for the people to decide the rest

NKR Defense Army soldier killed

Komatsu mining equipment presented at Teghout

Situation on Armenian-Azerbaijani border was mostly peaceful overnight

Azerbaijani armed forces resume fire overnight

UCom CEO: Future of telecommunications field is in providing convergent services

Beeline launches an upgraded landline network upgraded with wireless technology and 450 MHz

Armenian reconnoiter: Largely discussed 700-800 ha are neutral zone between dug positions

Vivacell-MTS has replenished range of smartphones offered within "STARTPHONE" tariff plan with 9 new models

Rostelecom Armenia summed up results of the 1st round of annual "Technology for Life -More Opportunities" contest

Military Prosecutor's Office of Armenia investigates information about sale of Armenian Armed Forces' tinned food in Poland

Areximbank-GPB Group sums up results of "8 gifts by March 8" campaign conducted jointly with MasterCard

Transport ministry: Gagik Beglaryan has no bodyguards and he is not implicated in beating of people

Aim of OSCE MG Co-Chairs is to lay groundwork for negotiations that can lead to a comprehensive settlement, Warlick

Central Bank: By 1 April 2016 overdue loans in Armenian banks grew by 22.5% over year

Vladimir Yevseyev: Updated Madrid Principles will not be implemented until the armed conflict is frozen

Mass Media: Bodyguards of Transport Minister detained under case over beating of businessman's son Sergey Abovyan

Stepanakert: The territories the Armenian side lost in April were mostly part of the buffer zone around Nagorno Karabakh

Federica Mogherini says next annual Eastern Partnership Foreign Ministers' meeting will be held in spring of 2017

Seyran Ohanyan has not met with Samvel Babayan

PACE Co-rapporteurs: Those responsible for atrocities in Karabakh conflict zone should be held fully accountable

Expenses of Armenian President's Administration up 10% in 2015

Prime minister: Supply of Russian weaponry to Armenia launched

Serzh Sargsyan and Seyran Ohanyan to discuss Karabakh problem in presidential residence tonight

Two-fold growth of loan restructuring applications registered in VTB Bank (Armenia)

Head of Armament Unit of Armenia's Armed Forces dismissed

Sharmazanov: Genocide of Christians in Ottoman Turkey, IS actions and Azerbaijani aggression have same handwriting

Ex-president of Armenia included in list of candidates for election to the new Board of Directors of JSFC Sistema

Mammadyarov: Status quo in Karabakh conflict may lead to severe military clashes

Trial over case of the cardboard tank that "crashed" into NSS building is still going on

Tatoul Manaseryan: Top power branches have a great number of caterpillars

Штормовой ветер срывал крыши домов и не на шутку напугал жителей Еревана

Armenian President attends ceremony of unveiling of Memorial to Marshal Hamazasp Babajanian

Bostanjyan calls for reducing all expenses having no crucial significance to state

OSCE PA Special Representative for South Caucasus arrives in Armenia

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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