YEREVAN, January 13. / ARKA /. Armenia’s government foreign debt will grow to $3.8 billion by the end of 2011 from current $3.38 billion, according to Gagik Minasian, chairman of a parliament committee on financial-credit and budget affairs.

Speaking at a news conference today he said the figure includes loans attracted from international lending organizations to back implementation of projects designed by the government for this year. As a result foreign debt to GDP ratio will be about 42%, he said, adding that the authorities will do everything possible to cut the ratio and bring it down to before-the-crisis level.

He also said a fresh $25 million loan for Armenia approved January 11 by

World Bank Board of Executive Directors will be used to help protect the poor and support greater human capital development, and also strengthen competitiveness and private sector development.

He then recalled that about half of government spending in 2011 is earmarked for health, education, culture, social security and ecology sectors. According to government data, Armenia’s state foreign debt in the first nine months of 2010 grew by 8.8%

(or $262 млн.) to $3.228.1 billion. Armenian economy grew last year by 2.6% to 3.1 trillion Drams in current prices. ($1 – 364.07 Drams). -0-