Chairman of the Armenian parliamentary standing committee on financial, credit and budgetary affairs Gagik Minasyan said that though Armenia doubled its state debt in 2009, bringing it to USD 3bln, it is ranked among the countries with medium debt load.
Armenia’s state debt will make USD 3.3bln in 2010 and will amount to USD 3.7bln in 2011, Minasyan told a press conference on December 28, summarizing the results of 2010. “The ratio of state debt to GDP will approach 47% in Armenia.”
Minasyan said he does not see problems with the state debt servicing.
According to him, during the crisis the RA government intentionally increased the state debt to refrain from reducing expenditures and to implement social programs. “If these funds were not attracted, we would not have recorded economic growth,” Minasyan said.
According to updated statistical data, 2.6% growth in Armenia’s GDP was recorded in January-November 2010 compared to the same period in 2009.
