ARMENIAN FOREIGN STATE DEBT TO STAND AT 21% OF GDP IN 2006 – MINFIN

Interfax, Russia
Dec 11 2006

YEREVAN. Dec 11 (Interfax) – Armenia’s foreign state debt will stand at
$1.261 billion at the end of 2006, or 21% of GDP, Arshaluis Markarian,
head of foreign and domestic debt management at the Finance and
Economics Ministry, told reporters on Monday.

The government will have $1.095 billion of foreign state debt and the
Central Bank of Armenia will have $166 million at the end of 2006,
he said.

This forecast is based on a rate of SDR1/$55, since most of Armenia’s
credit portfolio is in SDR, Markarian said.