State debt of Armenia at the end of 2011 exceeds prediction of Finance Ministry
arminfo
Saturday, April 28, 17:08
The total state debt of Armenia by the end of 2011 amounted to $4,129
bln or 41,7% of GDP, Deputy Finance Minister, Atom Janjugazyan, told
journalists today. (The Finance Ministry predicted the state debt
41,3% of GDP).
He said that the external state debt by the end of 2011 amounted to
$3,568 bln or 36,1% of GDP, the internal debt – $560 mln or 5,7% of
GDP. In the external state debt the obligations of the government
amounted to $2,951 bln or 29,8% of GDP, and the obligation of Central
Bank of Armenia – $617 mln.
As of 31 March 2012, the total state debt of Armenia amounted to
$4,196 bln including the external state debt – $3,634 bln. The
obligations of the government amounted to $3,3 bln, and of Central
Bank – $631 mln. The internal debt amounted to $562,2 mln.
Janjugazyan also added that during the crisis year the debt burden
grew twofold in Armenia, although Armenia is still considered to be a
country with a low debt burden. The service of the state debt will go
on growing till 2015. Then it will start dropping, he said. According
to the law on the state debt, Armenia may increase the debt up to
50-60% of GDP, but it is obliged to provide deficit not more than 3%
of GDP.
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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