Armenia's external debt makes twice the budget, 50 percent of GDP
Armenia's external debt is twice the budget and 50 percent of GDP.
Azeri.Today reports citing Aysor that these data were cited by Minister of Finance Vardan Aramyan.
According to the minister, this figure should not cause concern, since a new policy of debt attraction - an increase in state domestic borrowing is applied.
Touching upon the debts of the Armenian government, Minister of Finance Vardan Aramyan noted that domestic debt is a tool that helps in implementing a soft fiscal policy, as well as in formation of buffers at the right time.
According to the minister, when the budgetary plans for income were not fulfilled due to domestic debt, the deficit was covered through placement of domestic debt by 170 billion drams.
"As a result, we were able to achieve a significant decrease in interest rates. For example, interest rates on short-term loans fell by about 5 percentage points, the average percentage of total debt decreased by about 3.2 percentage points in 2016 compared to 2015," the Finance Minister summarized.
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