12:28 . 02/05
The indicators, which define the Armenian government‘s debt as stable, are on a manageable level. At the same time, the risk of non-payment of the debt is low, the Information and public relations department of Ministry of Finance informed about this in answer to ArmenPress’s question. By the results of the past year, state debt/GDP ratio made up 41.7%. According to RA Law on State Debt, as of December 31 of the current year, it must not exceed 60% of last year’s GDP. But if state debt exceeds 50% of GDP of the previous year as of December 31 of the given year, then the state budget deficit of the following year must not exceed 3 % of the average of GDP indicators of the previous three years: as of December 31, 2011, the state debt of the Republic of Armenia made up 45.5 % of the previous year's GDP.
As for the talks about the debt to Russia, according to which allegedly the years of its redemption may cause economic difficulties, the ministry informed that the current state debt redemption risk was evaluated to be low basing on all flows expected during the coming 20 years, including the redemption of the 500 mln USD loan provided by the Russian Federation during 2013-2024 period.
"The significant part of the Russian loan was not spent on state needs but was provided to the private sector as loans. It implies that in future the funds received in the result of the redemption of these credits will be directed to the redemption of the loan provided by Russia, which will significantly ease the load on the state budget" assures the ministry.
