Armenia’s state foreign debt last year grew by 88.1%

Armenia’s state foreign debt last year grew by 88.1%
ARKA, 09.03.2010

Armenia’s state foreign debt last year grew by 88.1% (or $1.389.6 billion) from 2008 to $2.966.7 billion or 1.121.1 trillion Drams, the National Statistical Service reported.

Some 83% of the debt or $2.462.3 billion was the government’s debt, which grew last year by 76.3% or $1.065.7 from a year before. Central Bank’s debt last year grew by 184.5% or $324.7 million to $500.8 million making 16.9 % of all the debt. Loans received for special projects constituted 0.1% of all debt or $ 3.6 million.

Some 67.9% of the debt or $2.013.9 billion is owed to international financial organizations. This debt grew last year by 63.1% from 2008. Armenia owed $1.213.9 billion to World Bank - 40.9% of all debt to international financial organizations. Armenia’s debt to World Bank grew last year by 19.1%.

Armenian government debt to IMF grew last year by 335.4% to $586.7 million (19.8% of all government debt). The debt to the International Fund for Agricultural Development (IFAD) rose last year to $60.4 million from $57.8 million in 2008 and the debt to OPEC Fund grew from $15 million in 2008 to $25 million in 2009. Armenia’s debt to the Asian Development Bank grew almost 16 times to $126.5 million.

Armenia also owed $142.7 million to Germany, which grew last year by 13.9%. The debt to the USA reduced by 6.9% to $34.7 million, the debt to France dropped from $4.97 million in 2008 to $4.83 million s of late 2009. The debt to Japan grew from $174.9 million to $270.6 million. Armenia’s debt to Russia was $500 million.