AS OF DECEMBER 31 2005 ARMENIA’S STATE FOREIGN DEBT MAKES 1 BLN 99 MLN USD
Noyan Tapan
Jun 06 2006
YEREVAN, JUNE 6, NOYAN TAPAN. Discussions of the report on execution
of the law on the 2005 state budget started at the joint sitting of
the RA National Assembly standing committees on June 5. RA Deputy
Minister of Finance and Economy Atom Janjughazian was the principal
speaker. According to the governmental report, in 2005, the economic
growth made 14%, exceeding the programmed index by 6%. GDP in nominal
expression made 2 trillion 244 billion drams, per capita GDP –
697,421 drams or 1,524 USD. In 2005, the state budget revenues made
374.7 bln drams against the programmed index of 375.2 bln drams,
the budget expenditures – 417.5 bln drams or 97.1% of the specified
annual program, while the deficit made 42.8 bln drams or 78.3%. The
underfulfilment of expenditures by about 12.3 bln drams and of deficit
by 11.8 bln drams is mainly conditioned by underfulfilment of credit
and grant programs implemented with foreign financing. Particularly,
the World Bank has not provided a tranche of 10 mln drams of its
Poverty Reduction Assistance Credit. In 2005, credit resources of 22.7
bln drams or 59% of the programmed index was received from foreign
donors. As of December 31, 2005, Armenia’s state foreign debt made
1,099.2 mln USD or 22.4% of GDP against 1,182.9 mln USD and 33.1%
in 2004. Out of this sum, 919.7 mln USD is credit liabilities of
the Armenian government, 176.4 mln USD – credit liabilities of the
Central Bank of Armenia, and 3.1 mln USD – guarantees provided by the
government. The net current value of Armenia’s foreign debt declined
from 735.1 mln USD in 2004 to 701.8 mln USD in late 2005.
In terms of this index, Armenia is among countries with small burden
of debt.