ARMENIAN GOVERNMENT INTENDS TO ATTRACT NEW CREDITS FOR ECONOMY DEVELOPMENT

ArmInfo
2010-04-22 14:30:00

ArmInfo. The government of Armenia intends to attract new credits for
economy development, Prime Minister of Armenia Tigran Sarkisyan said
at Thursday government session.

"We shall keep on negotiating to receive new funds to stimulate the
economy growth. We shall be able to repay these funds due to the
profits of economic entities", the prime minister said. According to
him, essential part of Armenia’s foreign debt is currently serviced
by the private sector. "According to Finance Ministry’ estimates,
about $800 mln in Armenia’s foreign debt will by serviced by private
enterprises. We placed the major part of the Russian credit in the
private sector, including through commercial banks. Although it
is the state’s obligation, however, they will be repaid by private
enterprises and not directly from the state budget", T. Sarkisyan
said. He added that maintenance of the current economy growth rates
during the whole year will assure macroeconomic stability in Armenia.

GDP growth causes reduction of the debt share in its structure,
the PM said.

To note, Armenia’s gross foreign debt as of late 2009 made up $5023,79
mln which grew by almost 46% per annum.