YEREVAN, November 10, /ARKA/. Chairman of an Armenian parliament committee on financial and crediting issues Gagik Minasian said today the country’s state debt will grow next year to over $3.5 billion from $3 billion in 2009.

Speaking at a news conference at Novosti International Press Center, he said Armenia’s state debt in 2008 totaled $1.5 billion that did not exceed 13% of the GDP. The state debt to GDP ratio rose to 30% in 2009 and will rise further next year to 41%, he said.

Armenia will have to put aside $123 million next year to repay part of its foreign debts. According to Gagik Minasian, the state debt will grow next year because the government will attract new funds from international lending organizations. Nevertheless, he said, the state debt to GDP ratio will be within the frameworks permitted by Armenia’s legislation and international standards. Some 89% of the state debt next year will be foreign debt of the government.  -0-

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