ARMENIA STATE DEBT TO REACH $3.5 BILLION BY YEAREND

ARKA
Nov 27, 2009

YEREVAN, November 27, /ARKA/. Chairman of the Union of Armenian
Commodity Producers, Vazgen Safarian, said today Armenia’s state debt
will make 46% of the GDP by the end of this year if the government
does not take swift action to improve economic situation.

Speaking at a news conference he said Armenia’s state debt will stand
at $3.5 billion by the end of the year and if the government does
nothing to revert the course Armenia may hit soon the 50% edge and
become insolvent with all ensuing negative consequences.

Earlier this month speaking at the parliament during a debate on 2010
budget Armenian prime minister Tigran Sarkisian said the state debt
is expected to stand at $2.2 billion at the end of the year. The
2010 draft budget says the country’s state debt in 2010 may reach
$3.9 million.

According to Vazgen Safarian, the government needs to implement a set
of sweeping economic reforms, particularly, to pass a law on industry
revival and establish industry development ministry, to help economy
get out of the crisis.

Earlier finance minister Tigran Davtian said the state debt in 2009
will be within permissible level of 50% ratio to GDP.

From: Emil Lazarian | Ararat NewsPress