About 10% of Armenia's external debt will not be covered by the country's budget, a member of the ruling Republican Party of Armenia, head of the parliamentary Committee on Financial-Credit and Budgetary Affairs, Gagik Minasyan said at today's press conference. He has also noted that the ratio of external debt of Armenia to its GDP exceeds 40%.
He recalled that the rate of external debt has been substantially increased during the crisis, when there was a need to rehabilitate the economy and not to cut social programs..
Ratio of external debt to GDP in Armenia is over 40%
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