The former Armenian Finance Minister, Doctor Edward Sandoyan, head of the Russian-Armenian University, said that the ratio of Armenian state debt to exports is 400%, which is dangerous, ARKA reports.
The indicator in Estonia is 12%, Russia – 30%, Georgia – 100%, Greece – 490%, Japan – 790%.
The more developed economy a state has, the more opportunities it has to attract finances to cover the debt, for example, by issuing bonds, the way the US did.
Armenia does not have such mechanisms, he says. The situation in Greece proves how risky such a problem may become.
Armenian Prime Minister Tigran Sargsyan said that the Armenian debt is 40% of GDP, a medium-sized debt.
The Armenian National Statistical Service said that, according to September 30, the state debt was equal to 1508 billion drams. The Finance Ministry said that domestic debt was 199.9 billion drams, an increase of 10.9% compared with the start of the year. The foreign debt increased by over $3.515 billion (6.6%).
$1 = 382.27 drams.
