Armenia’s State Foreign Debt Last Year Grew By 88.1%

ARMENIA’S STATE FOREIGN DEBT LAST YEAR GREW BY 88.1%

ARKA
March 9, 2010

YEREVAN, March 9, /ARKA/. Armenia’s state foreign debt last year
grew by 88.1% (or $1.389.6 billion) from 2008 to $2.966.7 billion or
1.121.1 trillion Drams, the National Statistical Service reported.

Some 83% of the debt or $2.462.3 billion was the government’s debt,
which grew last year by 76.3% or $1.065.7 from a year before. Central
Bank’s debt last year grew by 184.5% or $324.7 million to $500.8
million making 16.9 % of all the debt. Loans received for special
projects constituted 0.1% of all debt or $ 3.6 million.

Some 67.9% of the debt or $2.013.9 billion is owed to international
financial organizations. This debt grew last year by 63.1% from 2008.

Armenia owed $1.213.9 billion to World Bank – 40.9% of all debt to
international financial organizations. Armenia’s debt to World Bank
grew last year by 19.1%.

Armenian government debt to IMF grew last year by 335.4% to $586.7
million (19.8% of all government debt). The debt to the International
Fund for Agricultural Development (IFAD) rose last year to $60.4
million from $57.8 million in 2008 and the debt to OPEC Fund grew
from $15 million in 2008 to $25 million in 2009. Armenia’s debt to
the Asian Development Bank grew almost 16 times to $126.5 million.

Armenia also owed $142.7 million to Germany, which grew last year
by 13.9%. The debt to the USA reduced by 6.9% to $34.7 million, the
debt to France dropped from $4.97 million in 2008 to $4.83 million
s of late 2009. The debt to Japan grew from $174.9 million to $270.6
million. Armenia’s debt to Russia was $500 million.