ArmInfo. In 2017, Armenia intends to attract in total from $300mln to $350mln of the borrowed money, the Minister of Economy of Armenia Vardan Aramyan told the journalists after parliament meeting on February 9.
According to him, the public debt management, which totaled $5.934bln by the end of 2016, will reach its peak in 2020, when Armenia will spent on it nearly $500mln. Nevertheless, the Minister thinks Armenia continues to be a state with a low level of debt.Aramyan expressed hope that by the results of negotiations with international creditors, will be possible to alleviate the burden of external debt service. Wherein, any rise in rates will not happen. "The rates do not depend on external debt restructuring, but on what experiences the international market", he said, adding the major part of the funds will be spent on very concrete programs.
According to him, the ratio of current account to GDP was 2.8% the previous year, while it was 8% for a long time. For the state like Armenia, it is considered to be 4-5%. "We have a rather good rate at that background. When import decreases, declines the need of foreign currency. And what about the public debt management, we must take to consideration that our market is feed by various sources-export, transfers, borrowed assets. I don't think that we will experience pressure on national currency and its deval;uation in such conditions", said the Minister.
2 days earlier he informed the journalists that by the results of 2016, the public debt of Armenia totaled $5.9bln, in 2017 it will become $6.250bln. According to the Minister, in the structure of the total debt, the state debt is $5.4bln, and the Central Bank debt will amount nearly $503mln. The ratio of public debt to GDP in 2016 was 54.5%. As Vardan Aramyan informed, in 2017, in case of providing the budget rates, the amount of public debt of Armenia is forecasted to be on the level of $6.250bln, including the CB debt, which is expected to be $530mln.