Armenia’s national debt not to surpass 60% of projected GDP

YEREVAN, December 6. /ARKA/. In 2016 Armenia's overall national debt will not exceed 54.4% of the projected GDP, finance minister Vardan Aramyan said today when introducing a set of proposed amendments to the draft budget to parliament. He added that in 2017 it will grow to 56.2%. According to him, Armenia’s national debt in terms of money is projected at $ 6.245 billion in 2017, up from anticipated $5.849 billion projected for 2016.

"The country’s overall public debt in 2017 in no case will surpass 60% of the projected GDP, and if we register a more active economic growth, the indicator may even drop," - Aramyan said.

Earlier, the minister said they did not expect external shocks next year, including further economic slowdown in Armenia’s partner countries, as a result the government considers it inexpedient to attract additional credit resources.

He argued that public debt growth in the previous two years was due solely to resisting external shocks ‘in order to prevent economic recession and the devaluation of the national currency.’ Armenia, the minister said, is in the list of countries with low debt burden.

According to ministry of finance, Armenia’s debt in 2016 will grow by $789 million to $5.867 billion. In 2017 it is expected to hit $6. 277 billion. The public debt ratio to GDP will increase from 54.1% in 2016 to 55.1% in 2017. ($ 1 - 481.62 drams). -0-