YEREVAN, February 29. / ARKA /. Armenia’s state external debt increased by 14.1% in 2015 to $4.317.3 billion, the National Statistical Service (NSS) said.

According to NSS data, the country’s external debt has grown by 3.9 times over the past 5 years and by 5 times over the last 15 years. The highest growth was reported in 2009, when Armenia's GDP fell by 14.1%. In 2009, the external debt surged by 88.1% when compared to the previous year.

A decline in external debt over the past 15 years was recorded only twice- in 2005 it fell by 7.1% and in 2014 by 2.9%. The increase in external debt in 2015 was aided by attraction of credits from international financial institutions, auction of government Eurobonds and loans attracted by commercial banks.
According to NSS, the debt to the World Bank accounted for 38.2% of the total external debt. In 2015 it increased by 2.6% to $1.650.5 billion. Of that amount $1.139.7 billion were owed to the International Development Association (IDA) and $510.8 million to the International Bank for Reconstruction and Development (IBRD).

The debt to EBRD in 2015 amounted to $18.8 million, the debt to the European Investment Bank -.to $128 million, the debt to the International Fund for Agricultural Development – to $61.2 million, the debt to OPEC Fund- to $40.4 million, the debt to the Asian Development Bank – to $396 5 million, the debt to IMF- to - $414.3 million, the debt to EU –to $71 million and the debt to the Eurasian Development bank – to $100 million.

The government also owed $241.5 million to Japanese JICA and $189.9 million to German KfW. The debt to the USA stood at $23.5 million, that to France – at $20 million, the debt to Russia – at $7.7 million, the debt to Abu Dhabi Development Foundation stood at $6.3 million and the debt to China’s Export-Import – at $20.37 million.

The amount of loans provided by foreign commercial banks were worth in the reporting period approximately $23.1 million. (a 42.4% growth). The external debt generated by purchase of Eurobonds by non-residents grew last year by 36.8% to $902 million and the debt generated by purchase of government bonds by non-residents surged by 64% to approximately $1.54 million.

In 2015 Armenia’s overall public debt amounted to $5.071 billion, growing by 14% or $629.5 million from the previous year. The domestic debt in the end of December stood at $761.4 million, having increased by 16% from the year before and by 1.3% from 2015 November. According to 2016 budget, the country’s public debt is expected to grow to $5.569 billion and make 49.4% of GDP, up from 48.3% in 2015. -0-