Armenia to have 58.8% rate of state debt-GDP ratio by the end of 2017

Armenia’s foreign debt will increase by over 400 million USD by the end of 2017, comprising 5.4 billion USD, finance minister Vardan Aramyan told reporters at a press conference on September 25.

“The foreign debt, including the debt of the Central Bank, was 4.8 billion USD as of late 2016.By the end of this year we will have an increase of foreign debt by over 400 million USD and that of domestic debt by over 30 million USD. Based on the 2017 results, Armenia’s foreign debt will comprise over 5.4 billion USD, and the domestic debt – 1 billion 269 million USD”, the finance minister said.

The minister said in this case it is right to look at the debt-GDP ratio than to nominal figures. “It is a global rule to follow the relative figures”, Aramyan said.

He added that by the end of 2016, Armenia’s overall foreign debt, including the CBA’s debt, comprised 56.6% in the GDP. By the end of this year this figure will approach to over 58.8%.