Armenia negotiates restructuring of country’s foreign debt with international lending organizations

10.11.2009 17:43
Armenia negotiates restructuring of country’s foreign debt with international lending organizations

YEREVAN, November 10, /ARKA/. Chairman of an Armenian parliament committee on financial and crediting issues Gagik Minasian said today the authorities are negotiating restructuring of the country’s foreign debt with international lending organizations.

Speaking at a news conference at Novosti International Press Center, he said the World Bank and the International Monetary Fund (IMF) have began already restructuring foreign debts of some countries.

According to him, restructuring will allow to ease the credit burden of the country. He added that loans were attracted to preserve the social spending next year.

He said the 2010 draft budget calls for 183 billion Dram deficit which would make 5.7% of the projected GDP. Half of that deficit are foreign debts.

According to the 2010 draft budget, the government plans to collect 676. 6 billion Drams of revenues, and spend 859.6 billion Drams. The budget deficit is projected at 183 billion Drams and the GDP at 3.214 trillion Drams.

Armenia’s state debt is expected to hit $3.9 billion, economic growth is projected at 1.2%.  -0-


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