IMF: ARMENIA’S FOREIGN DEBT/GDP TO REACH 46% IN 2011

ARKA
June 24, 2009

YEREVAN, June 24. /ARKA/. Armenia’s foreign debt/GDP will reach 46%
in 2011 against 18% in 2009, IMF Resident Representative in Armenia
Nienke Oomes said at a press conference on Wednesday.

She said that loans extended by International Monetary Fund ($823
million), World Bank ($545 million) and Russia ($500 million) will
add a great deal to the country’s foreign debt.

Oomes expects 38% in 2010 and 46% in 2011.

But IMF thinks that despite the growth, this indicator is controllable
and acceptable, and Armenia will manage to repay its debts, if pursue
a reasonable anti-crisis policy.

According to National Statistical Service of Armenia, the country’s
foreign debt reached to $1778.8 million after growing 15.3% or by
$237.1 million by March 31, 2009, compared with the same date a
year earlier.