PREMIER: PRIVATE SECTOR SERVES $800 MILLION OF ARMENIA’S FOREIGN DEBT

/ARKA/
April 22, 2010
YEREVAN

YEREVAN, April 22. /ARKA/. On Thursday, Armenian Prime Minister
Tigran Sargsyan, speaking at a cabinet meeting, said the private
sector serves $800 million of the country’s foreign debt.

"There were fears that foreign debt indicator in GDP might worsen,
but if current economic growth pace remains unchanged, macroeconomic
stability in Armenia will be retained. I want to say that many of our
anti-crisis measures have been implemented not at the account of the
foreign debt, but thanks to distribution of the loan received from
Russia among private companies."

On June 12, Russia lent $500 million to Armenia.

The loan has been distributed through Armenian commercial banks.

Despite this $800 million is among the government’s liabilities,
it will be paid not from the state budget – its will be paid by the
private sector.

Armenia’s state debt totaled AMD 1270.7 billion by Dec 31, 2009.

Domestic debt amounted to AMD 149.7 billion and foreign debt AMD
1121.1 billion or $2966.7 million.