IMF: ARMENIA’S DEBT NOT SO LARGE

ARKA
Feb 18, 2010

YEREVAN, February 18 /ARKA/. Mark Lewis, the head of International
Monetary Fund’s mission in Armenia, said Wednesday that situation
with Armenia’s debt is stable.

He thinks Armenia’s debt is not so large, compared with many other
countries.

Lewis finds it important for Armenia to ensure loans with preferential
and soft conditions and to select effective investments programs.

Besides, funds on those programs financed from loans extended by
outside sources should be spent reasonably.

If Armenia meets all these criteria, it can afford even larger debt,
since economic profit from implementation of these projects will make
it possible to serve this debt easily.

Armenia’s foreign debt reached $2720.9 million (AMD 1045.6 billion)
by late September 2009.

According to National Statistical Service of Armenia, the foreign
debt grew 77.7% or by $1190 million in Jan-Sep 2009, compared with
the same period a year earlier.