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By Late 2007 Armenia'S State Debt To Make About 1.56 Billion Dollars

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  • By Late 2007 Armenia'S State Debt To Make About 1.56 Billion Dollars

    BY LATE 2007 ARMENIA'S STATE DEBT TO MAKE ABOUT 1.56 BILLION DOLLARS OR 19.1% OF GDP

    Noyan Tapan
    Nov 01 2006

    YEREVAN, NOVEMBER 1, NOYAN TAPAN. The RA government presented the 2007
    draft state budget at the joint sitting of the RA National Assembly
    standing committees on November 1. The revenues of the state budget
    make 489.5 bln drams, expenditures - 557.8 bln drams, deficit -
    68.3 bln drams (about 179.7 mln USD).

    Speaking about the main orientation and ideology of the budget, RA
    Minister of Finance and Economy Vardan Khachatrian noted that the
    levels of the draft budget's revenues, expenditures, deficit and debt
    have been formed in the context of the government's common long-term
    and medium-term tax and budgetary goals. The minister presented the
    macroeconomic indices that formed the basis for calculation of the
    indices of the draft budget. Thus, real GDP growth is programmed at 9%,
    GDP deflator - 4%, average annual inflation - 4% plus-minus 1.5%, the
    settlements rate of 1 US dollar - 357 drams. The growth of commodity
    import is programmed at 13.5%, export growth - at 16%. As a result,
    the import and export of goods make 2.151 billion USD and 1.248 billion
    USD respectively. The ratios of imports/GDP and exports/GDP make 31.7%
    and 20.1% respectively. The ratio of overall state budget revenues/GDP
    is programmed at 16.8%, the ratio of tax revenues and duties of state
    budget/GDP - 15.7%, the ratio of state budget expenditures/GDP -
    19.1%, and the ratio of state budget deficit/GDP - 2.3%. Accoording to
    V. Khachatrian, external sources will prevail among finance sources of
    the 2007 state budget's deficit: they will account for nearly 60.5%
    of the total. Domestic sources of financing the budget deficit will
    include revenues of 8.5 bln drams from the sale of state securities,
    as well as privatization and currency resources of a total of 19.1
    bln drams. By late 2007, state debt is forecast to make about 1.56
    bln USD or 19.1% of GDP. Foreign debt accounts for most of the state
    debt - 87.7% or 1.36 bln USD.

    "The programmed growth in foreign debt will not have a significant
    impact on the country's solvency, because a number of qualitative
    indices either will not change or will change positively," the minister
    said. In his words, by several indices Armenia is among the states
    with a small debt burden, while by the ratio of foreign debt/exports,
    it is among the countries with a middle-size debt burden.
    From: Baghdasarian
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