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Armenian president downplays apprehensions that Armenia's state debt
may jeopardize economy
YEREVAN, September 17, /ARKA/. Armenian president Serzh Sargsyan
downplayed apprehensions that Armenia's state debt may jeopardize the
country's economy. In an interview with a Ukrainian magazine Profile
he said the country's state debt makes less than half of its Gross
Domestic Product (GDP).
`If we calculate all attracted loans our state debt makes about 40% of
the GDP and if we calculate also all signed loan agreements it will
make 47-48%. These are normal figures. I can name a dozen of countries
whose state debt exceeds their total GDPs,' he said.
He said that no cent from loans attracted from international lending
organizations was spent on paying wages or social benefits. `All of
them were channeled into economy and the stabilization fund,' he said.
According to Armenia's National Statistical Service, Armenia's foreign
debt on June 30 stood at $3.027.4 billion (or 1.112.57 trillion
Drams), growing by 2% or $60.7 million from 2009 December.-0-
From: A. Papazian
may jeopardize economy
YEREVAN, September 17, /ARKA/. Armenian president Serzh Sargsyan
downplayed apprehensions that Armenia's state debt may jeopardize the
country's economy. In an interview with a Ukrainian magazine Profile
he said the country's state debt makes less than half of its Gross
Domestic Product (GDP).
`If we calculate all attracted loans our state debt makes about 40% of
the GDP and if we calculate also all signed loan agreements it will
make 47-48%. These are normal figures. I can name a dozen of countries
whose state debt exceeds their total GDPs,' he said.
He said that no cent from loans attracted from international lending
organizations was spent on paying wages or social benefits. `All of
them were channeled into economy and the stabilization fund,' he said.
According to Armenia's National Statistical Service, Armenia's foreign
debt on June 30 stood at $3.027.4 billion (or 1.112.57 trillion
Drams), growing by 2% or $60.7 million from 2009 December.-0-
From: A. Papazian