Armenian Foreign Debt Soars 54% In H1

ARMENIAN FOREIGN DEBT SOARS 54% IN H1

Interfax
Sept 1 2009
Russia

Armenia had foreign debt of a tentative $2.434 billion on July 1,
up 54.3% from $1.577 billion on December 31 and 57% from the same
date of 2008, the Finance Ministry said.

Foreign debt grew 8.8% in 2008.

The government’s debt grew 45.5% to $2 billion in the first half of
2009 and accounted for 82.2% of total foreign debt as of July 1. The
Central Bank’s debt soared almost 200% to $424.2 million and made up
17.4% of total debt. Debt on special programs declined 16% to $3.8
million and accounted for 0.2% of foreign debt.

Armenia’s debt to the World Bank grew 2.3% over the last year to $1.1
billion, to the International Fund for Agriculture Development – 2.8%
to $59.7 million, to the International Monetary Fund – almost 200% to
$375.6 million and to OPEC – 16.2% to $17 million. Armenia had no debt
to the European Bank for Reconstruction and Development as of July 1.