Armenia not going to borrow money from foreign countries: finance minister says

09.09.2011 19:43
Armenia not going to borrow money from foreign countries: finance minister says

YEREVAN, September 9. / ARKA /. The Armenian government is not going to borrow money from foreign countries, finance minister Vache Gabrielian, said today in comments on the possibility of issuing government bonds.

"The government does not believe it is inexpedient to borrow funds from foreign countries as long as it can attract cheaper, long-term low interest rate loans from international lending institutions," he said.

The neighbouring Georgia has twice issued Eurobonds, most recently in April 2011 in the amount of $500 million

At the end of 2010, the total amount of loans borrowed by Armenian government agencies stood at $3.299 billion, of which $2.253.7 billion from international lending organizations and $1.045.3 billion from foreign countries. M.V. -0-


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