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Armenian state debt at 41.7% of GDP at end-2011

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  • Armenian state debt at 41.7% of GDP at end-2011

    Interfax, Russia
    April 28 2012


    Armenian state debt at 41.7% of GDP at end-2011

    YEREVAN. April 28


    Total Armenian state debt stood at $4.129 billion at the end of last
    year, representing 41.7% of GDP, Deputy Armenian Finance Minister and
    treasury chief Atom Dzhandzhugazian told the press on Saturday.

    The Finance Ministry had predicted that state debt would amount to
    41.3% of GDP at end-2011.

    Dzhandzhugazian said that foreign state debt amounted to $3.568
    billion, or 36.1% of GDP, at the end of last year. Domestic state debt
    was $560 million, or 5.7% of GDP. Of foreign debt, government
    obligations accounted for $2.951 billion, or 29.8% of GDP and Central
    Bank of Armenia obligations to $617 million.

    As of March 31 this year, Dzhandzhugazian said, Armenia's state debt
    was at $4.196 billion, including $3.634 billion in foreign debts ($3.3
    billion - government, $631 million - Central Bank), and $562.2 million
    in domestic debts.

    During the financial crisis, Armenia's debt burden doubled,
    Dzhandzhugazian said, although the country continues to be thought of
    as a country with a low debt level. The cost of servicing state debt
    will be rising until 2015, and then it will start to go down, he said.

    Per its state-debt law, Armenia can increase that debt to 50%-60% of
    GDP, while the government is obligated to keep the country's budget
    deficit to no more than 3% of GDP.

    Cf

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