YEREVAN, June 19. /ARKA/. The National Assembly of Armenia is discussing today the government-proposed amendments to the state debt law that imply removal of the central bank’s debt from ‘state debt’ concept.
Atom Janjughazyan, deputy finance minister and treasury secretary, describing the bill to the lawmakers, said that the current low states that Armenia’s state debt must not exceed 60% of GDP, and if the law is amended this restriction will apply only to the government’s debt.
The bill is strongly opposed by opposition-minded MPs, who said that the aim of this legislative change is to attract new loans.
Tevan Poghosyan, an MP from Heritage faction in the National Assembly, said that the government is so quick in making this step for it understands very well that Armenia’s foreign debt is coming close to the critical notch, after which the country may be called insolvent.
Artsvik Minasyan, an MP from the Armenian Revolutionary Federation/Dashnaktsutiun, who was opposed to the bill as well, said that this move shows how desperate things are.
Atom Janjughazyan says the country’s state debt will reach $4.8-4.9 billion this year. In his words, Armenia ended the previous year with $4.4 billion and 40.4% state debt-GDP ratio. —-0—-
