Friday, July 7 2017 11:05
Alina Hovhannisyan

The state debt of Armenia has already exceeded $ 6 billion, while the external debt reached $ 5 billion

The state debt of Armenia has already exceeded $ 6 billion, while the  external debt reached $ 5 billion

ArmInfo. The state debt of  Armenia reached $ 6.1 billion (2.9 trillion drams) by June 2017,  accelerating the annual rate of growth from 15.2% to 16%, which was  provoked by a jump in the growth of domestic debt to 41% from last  year's 22.7%, with a modest slowdown in the growth of the external  Debt from 12.8% to 12%. As of June 1 this year. The external debt was  $ 4.9 billion (2.4 trillion drams) or 80.3%, and domestic debt - $  1.2 billion (563.9 billion drams) or 19.7%.  

According to preliminary  data of the RA Ministry of Finance, provided by the ArmInfo National  Statistical Service, in January-May 2017, Armenia's national debt  grew by 2.1% due to an increase in external debt by 2.5% and the same  increase in domestic debt. A year earlier, in January-May 2016, the  growth rates for general government debt and domestic debt were  higher - 4% and 10.1%, respectively, and on the outside, on the  contrary, more modestly, 2.3%.

The degree of coverage of foreign debt with gold and foreign exchange  reserves decreased in January-May 2017 from 45.9% to 40.3%, against  34.6% a year earlier. International reserves in the annual section  increased by 29.4%, but only in January-May of this year decreased by  10.1%.  In the structure of external debt, 88.8% or $ 4.4 billion  fell to the government, and the remaining 11.2% or $ 550.9 million -  to the Central Bank, against 88.6% and 11.4% a year earlier.  Moreover, the government's external debt accelerated the annual  growth rate from 11.4% to 12.8%, and the increase in the Central  Bank's debt turned out to be similar to last year's dynamics - 12.6%.  Only for January-May, 2017, the external debt of the Central Bank  grew by 9.2% more than government - 2.3%, against almost the same  growth in January-May 2016 - 2.7% and 2.6%, respectively.  In the  structure of the internal state debt, state bonds dominate - in  January-May 2017, their share fell from 91% to 88.9% ($ 1.04 billion  or501.1 billion drams), with an annual increase in the absolute value  of 39.6%. Then followed the Armenian Eurobonds - $ 121.3 million or  58.4 billion drams, the share of which increased in January-May 2017  from 8.4% to 10.4%, with an annual increase in the absolute value of  42.5%, and only in January-May - on 26.9%. The rest is accounted for  by state guarantees- 0.7% or $ 9 million with an annual growth of  almost 5 times, but only in January-May - by 28.6%. A year ago, as of  June 1, 2016, the share of state bonds in the internal state debt was  89.6%, Armenian Eurobonds - 10.2%, and guarantees - 0.2%.

It should be recalled that for the whole of last year, Armenia's  total public debt grew by 15.7% to $ 5.9 billion, in particular,  foreign debt - by 11.6% - to $ 4.8 billion, and domestic - by 49.7% -  to $ 1.14 billion Against $ 761.5 million in 2015).

Recall that due to the growing national debt and high migration, the  specific debt load per capita reached $ 2,000 by January 1, 2017, of  which over $ 1.6 thousand fell to the share of external debt (against  $ 550 in 2009). Taking into account the real scale of migration, the  burden of public debt per capita would be much higher (according to  the statistical data for 2011-2016 the population of the RA decreased  from 3.274 million to2.987 million). As a result of 2016, the share  of national debt in Armenia's GDP was 56.6%, compared to 48.7% in  2015, and only in terms of external debt, the share in GDP increased  from 41.4% in 2015 to 45.8% in 2016. Armenia's GDP growth slowed in  2016 to 0.2% from 3.2% in 2015.

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