IMF: Armenia's debt not so large

IMF: Armenia's debt not so large
ARKA, 18.02.2010

Mark Lewis, the head of International Monetary Fund’s mission in Armenia, said Wednesday that situation with Armenia’s debt is stable.

He thinks Armenia’s debt is not so large, compared with many other countries.

Lewis finds it important for Armenia to ensure loans with preferential and soft conditions and to select effective investments programs.

Besides, funds on those programs financed from loans extended by outside sources should be spent reasonably.

If Armenia meets all these criteria, it can afford even larger debt, since economic profit from implementation of these projects will make it possible to serve this debt easily.
Armenia’s foreign debt reached $2720.9 million (AMD 1045.6 billion) by late September 2009.

According to National Statistical Service of Armenia, the foreign debt grew 77.7% or by $1190 million in Jan-Sep 2009, compared with the same period a year earlier