Armenia’s public debt expected to make 54.4 percent of GDP

YEREVAN, September 29. /ARKA/. By the yearend Armenia’s public debt will make 54.4% of GDP, the newly appointed minister of finance, Vardan Aramyan, said today. According to him, Armenia has been affected by the unstable situation in the global economy over the last two years. 

"External shocks were the main reasons behind the government’s decision to increase the borrowing ", said Aramyan.

"As a result, Armenia's public debt rose in the past two years and according to our estimates, at the end of the year it will make 54.4% of the projected GDP",  Aramyan said.

He said the government should not increase the national debt in the future, adding, however, that the rise in public debt is not "scary", especially in the context of the expansion policy and external shocks.

According to the National Statistical Service, the country’s total public debt stood at $5.384.2 billion in late July, having increased by 0.7% from the previous month or $38.9 million. Compared to the beginning of the year it was up 6%, or $ 306.5 million.-0-