Armenian state debt at 41.7% of GDP at end-2011
YEREVAN. April 28 (Interfax) - Total Armenian state debt stood at $4.129 billion at the end of last year, representing 41.7% of GDP, Deputy Armenian Finance Minister and treasury chief Atom Dzhandzhugazian told the press on Saturday.
The Finance Ministry had predicted that state debt would amount to 41.3% of GDP at end-2011.
Dzhandzhugazian said that foreign state debt amounted to $3.568 billion, or 36.1% of GDP, at the end of last year. Domestic state debt was $560 million, or 5.7% of GDP. Of foreign debt, government obligations accounted for $2.951 billion, or 29.8% of GDP and Central Bank of Armenia obligations to $617 million.
As of March 31 this year, Dzhandzhugazian said, Armenia's state debt was at $4.196 billion, including $3.634 billion in foreign debts ($3.3 billion - government, $631 million - Central Bank), and $562.2 million in domestic debts.
During the financial crisis, Armenia's debt burden doubled, Dzhandzhugazian said, although the country continues to be thought of as a country with a low debt level. The cost of servicing state debt will be rising until 2015, and then it will start to go down, he said.
Per its state-debt law, Armenia can increase that debt to 50%-60% of GDP, while the government is obligated to keep the country's budget deficit to no more than 3% of GDP.