Tuesday, February 28 2017 16:50
Karine Melikyan

Armenia`s national debt grew in January 2017 by 17.4% to $ 5.97 billion compared to January 2016

Armenia`s national debt grew in January 2017 by 17.4% to $ 5.97  billion compared to January 2016

ArmInfo. The growth of  Armenia's state debt in January 2017 by 17.4% to $ 5.97 billion (2.9  trillion AMD) compared to January 2016, due to growth in both  external and internal debts.  

According to preliminary data of the Armenian Ministry of Finance,  provided by the National Statistical Service to ArmInfo, if in two  years the external debt increased by 11.9% to $ 4.84 billion (2.4  trillion drams), the internal amounted by 47.3% to $ 1.13 billion  (551 billion drams). As a comparison, in January 2016 compared to  January 2015, the growth of external debt and internal debt was the  same 17.2% and it increased its total debt of Armenia by 16.7%.

In the structure of external debt 89.4% or $ 4.3 billion, accounted  for the government's share, while the remaining 10.6% or $ 511.2  million is the share of the Central Bank. Moreover, the government's  foreign debt increased in January 2017 compared to January 2016 by  13.2%, against which the Central Bank of the external debt increased  more modestly by 7%, against higher growth rate in January 2016  compared to January 2015 - 17.8% and 12, 4% respectively.

In the structure of the domestic debt the dominant is the government  bonds - in January 2017 the share remained at 91% ($ 1.03 billion or  500.9 billion AMD), with an annual growth of the absolute value by  53.7%. Followed by Armenian Eurobonds - $ 95.6 million, or 46.5  billion AMD, the share of which remained in January at 8.4%, with an  annual decline in the absolute value of 0.5%. The rest falls on the  share of guarantees - 0.6% ($ 7 million), with an annual increase in  absolute value by 3.5 times. Commercial loans also zeroed in November  2015.

At the end of 2016, the share of the state debt in GDP of Armenia was  56.7%, against the forecast of the World Bank (WB) by 52.5%. In 2017  the World Bank predicts a share of Armenia's state debt to GDP ratio  of 53.8%, and 53.5% for 2018. The growth of Armenia's GDP in 2017  according to the World Bank predicts will be 2.7%. According to  Central Bank forecasts GDP growth by 2.2-3.2% in 2017. The Armenian  State Budget for 2017, GDP growth by 3.2% is foreseen. According to  statistical data, Armenia's GDP in January-December 2016 amounted to  5.068 billion AMD or $ 10.5 billion, an increase compared to  January-December 2015 by 0.2%.

To note, the growing public debt and high migration have deepened the  debt burden per capita to $ 2 thousand as of 1 January 2017, of which  over $ 1.6 thousand comes from external debt (from $ 550 in 2009).  Taking into consideration the real extent of the migration burden of  debt per capita would have been much higher (according to the  statistical data as of 1 January 2017, the number of Armenian  population was 2.987 million against 2.999 million a year earlier and  3.274 million five years earlier). During 2016 the coverage of  external debt foreign exchange reserves increased from 41.1% to 45.9%  due to the growth of external debt during this period by 11.6%, with  an increase in reserves by 22.2%.

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Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

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Цена откр.

482,00

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