Armenia's public debt to be below 50% of gdp by 2020

18.12.2019 12:49
Armenia's public debt to be below 50% of gdp by 2020

YEREVAN, December 18. /ARКА/. Chaired by Prime Minister Nikol Pashinyan, the Government of Armenian discussed December 17 Ministry of Finance budget allocation bid for FY2020/

The government press office said finance Minister Atom Janjughazyan reported that the optimization process continues in the Ministry, with the number of staff standing at 382 instead of 556 last year, down by 31%. In the meantime, the Ministry’s car park was optimized. There are currently 4 vehicles in service instead of 17 in 2018.

Atom Janjughazyan reported back the process of state debt service. He stressed that the debt is being serviced at a progressive pace. Armenia is considered to be a low-indebted country and it is expected that by 2020 the national debt-GDP ratio will be below 50%.

The meeting next focused on the opportunities available in the securities market and its development prospects, the reforms underway in the procurement system and other issues of topical interest.

According to the National Statistical Committee, Armenia's overall state debt stood at $7.051.177 billion in late September 2019, reflecting an increase of $78.169 million from the previous month.

According to the Ministry of Finance, at the end of the year the debt will make 50.3% of GDP to reach $6.94 billion.

The Fitch Ratings predicts that the total public debt of Armenia will decrease to 51.2% of GDP in 2019 and to 48.4% in 2021. -0-

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