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FINANCE MINISTER: WB FINDS ARMENIA'S FOREIGN DEBT STABLE
/ARKA/
October 18, 2011
YEREVAN
YEREVAN, October 18. /ARKA/. Armenia's foreign debt stability is
estimated as satisfactory in the World Bank's report on Armenia's
public expenditure, tax and budgetary consolidation and recovery,
Armenian Finance Minister Vache Gabrielyan said Tuesday answering
ARKA News Agency's question.
The WB has prepared this report jointly with Armenian finance ministry
and the state revenue committee.
The report briefly presents macroeconomic situation in Armenia and
analyses latest developments related to the country's foreign debt
and their impacts on tax and budgetary consolidation putting special
emphasis on the necessity to enlarge revenue and enhance effectiveness
of expenses.
"As a whole, the debt is controllable, but it doesn't mean that we
can, for example, double it and that this debt will remain in a good
state also under no stable economic growth," Gabrielyan said at a
news conference.
He said that the WB analysis contains the results of some stress
tests conducted to reveal possible debt problems, if any.
The report also states that taking into account that Armenia formed
a wide tax-budgetary deficit and low level of state debt while
resisting the crisis, it can be stated that the country is in need
of tax-budgetary consolidation, which however shouldn't be ensured
at the account of stable economic growth.
World Bank Country Director Yvonne Tsikata, speaking at the same news
conference, said that Armenia faced additional expenses, and it was
the price the country has paid to ward off the crisis. This situation
is usual for the East Europe and the Central Asia.
That is why, she said, the report considers foreign debt dynamics,
stresses the necessity of fiscal consolidation and recommends to
narrow deficit and to take certain steps putting special emphasis on
budget revenue.
Tsikata refrained from macroeconomic forecasts saying it is quite
difficult to predict something amid the current volatility in East
Europe's economies.
According to the latest official statistical reports, Armenia's total
debt amounted to AMD 1455.4 billion in late June. Of this amount,
AMD 185.6 billion was domestic debt and AMD 1269.8 billion or $3442.6
million was foreign debt. ($1 = AMD 375.4).
/ARKA/
October 18, 2011
YEREVAN
YEREVAN, October 18. /ARKA/. Armenia's foreign debt stability is
estimated as satisfactory in the World Bank's report on Armenia's
public expenditure, tax and budgetary consolidation and recovery,
Armenian Finance Minister Vache Gabrielyan said Tuesday answering
ARKA News Agency's question.
The WB has prepared this report jointly with Armenian finance ministry
and the state revenue committee.
The report briefly presents macroeconomic situation in Armenia and
analyses latest developments related to the country's foreign debt
and their impacts on tax and budgetary consolidation putting special
emphasis on the necessity to enlarge revenue and enhance effectiveness
of expenses.
"As a whole, the debt is controllable, but it doesn't mean that we
can, for example, double it and that this debt will remain in a good
state also under no stable economic growth," Gabrielyan said at a
news conference.
He said that the WB analysis contains the results of some stress
tests conducted to reveal possible debt problems, if any.
The report also states that taking into account that Armenia formed
a wide tax-budgetary deficit and low level of state debt while
resisting the crisis, it can be stated that the country is in need
of tax-budgetary consolidation, which however shouldn't be ensured
at the account of stable economic growth.
World Bank Country Director Yvonne Tsikata, speaking at the same news
conference, said that Armenia faced additional expenses, and it was
the price the country has paid to ward off the crisis. This situation
is usual for the East Europe and the Central Asia.
That is why, she said, the report considers foreign debt dynamics,
stresses the necessity of fiscal consolidation and recommends to
narrow deficit and to take certain steps putting special emphasis on
budget revenue.
Tsikata refrained from macroeconomic forecasts saying it is quite
difficult to predict something amid the current volatility in East
Europe's economies.
According to the latest official statistical reports, Armenia's total
debt amounted to AMD 1455.4 billion in late June. Of this amount,
AMD 185.6 billion was domestic debt and AMD 1269.8 billion or $3442.6
million was foreign debt. ($1 = AMD 375.4).