ARMENIA’S EXTERNAL DEBT IN 2010 WILL REACH 50% OF GDP: DAVTYAN

news.am
Dec 29 2009
Armenia

Next year Armenia’s external debt will reach 50% of GDP, up to 46%,
said the RA Finance Minister Tigran Davtyan at the Dec.29 press
conference.

According to him, in 2010 Armenia will get a credit of â~B¬100m from
EU as a full public budget loan, of which â~B¬35m as a grant. Another
â~B¬120m trade loan intended for diamond processing is expected
from Russia.

"Most probably it will not be included in state debt, as it goes
to the public sector and the country merely assists its receiving,"
the minister stated.

Speaking of the budget expenses of AMD 93bn for the forth quarter,
Davtyan outlined that though they were carried forward, but are
temporarily stopped. Instead, the critical works for as much as AMD
50bn are carried out in other fields, Davtyan added. In particular,
AMD 24bn went to disaster area, AMD 15bn-to paid to the businessmen
as VAT returns.

Tigran Davtyan compared Armenian economy with turbulence zone having
one of the engines packed up (construction), outlining that the
authorities managed to lead out of the hazard zone our plane and all
"passengers" came out unharmed.