Armenia to attract cheap funds through eurobonds if preferential lending not available

16.05.2013 18:41
Armenia to attract cheap funds through eurobonds if preferential lending not available

YEREVAN, May 16./ARKA/. By issuing foreign currency-denominated bonds Armenia will have an opportunity to attract some cheap funds amid the slash in preferential lending, Finance Minister David Sargsyan implies.

“Today, the international financial organizations stopped considering Armenia as a country with low income rather assessing it as a middle-income republic,” he said at the government session on Thursday.

It means, very soon the preferential lending will not be available to Armenia anymore. The Armenian government on Thursday approved the concept for issuing foreign currency-denominated bonds.

"Today we are taking a political decision, and for the first time we will start issuing foreign currency –denominated bonds. This will open a new page in the economic policy of Armenia not only in terms of public funds management, but will also provide the private sector with an opportunity to attract cheaper funds from international financial markets," prime minister Tigran Sargsyan said.

According to official data, Armenia’s state debt stood as of March 31 at $4.205 billion, of which $3.597 billion were external debt.—0-


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