YEREVAN, August 22. /ARKA/. Armenia’s government will have to put aside $270 million next year to pay off its foreign debt, according to a deputy finance minister Vartan Aramian, who spoke today at Novostui international press center. He said the Armenian government debt is now about $3.6 billion, of which approximately $ 3.1 billion is foreign debt. Aramyan said the government will make fresh borrowing to pay part of the debt.
“Borrowing money is not as bad as many think; the main thing is to borrow as much as to be able to pay back. We borrow with all the risks on our mind,” he said.
According to official data, as of April 1, 2012 the government’s debt stood at $3. 633 billion, by $65 million more than in the beginning of the year. Armenia is among the countries whose debt is within 40-45 percent of its GDP. -0-
