Armenia’s State Debt Reaches New High of $5 billion: Press

The state debt of Armenia has reached a new high, crossing the line of $5 billion, local Zhoghovurd daily reports, citing Finance Ministry officials.

Thus, the country has entered the new year of 2016 with a state debt of $5,7 billion. At the beginning of 2015, Armenia's debt amounted to $4 billion, 441 million and 524 thousand, which means that in the past year the country increased its debt by $629 million and 500 thousand. Incidentally, the paper notes,  of the total $5,7 billion, $3 billion, 833 million and 200 thousand is Armenia's external debt.

“It's noteworthy,  that Armenia accumulated $487 and 900 thousand of its foreign debt only in the past year. The rapid growth of the external debt began after the international economic crisis of 2008. In the spring of 2008, i.e. prior to the crisis, Armenia's foreign debt amounted to $1,5 billion. At the end of 2009, it had reached $3 billion,” Zhoghovurd writes.