Armenia to have $ 1.261 mln external debt by late 2006

Armenia Materials 13 December 2006 12:34 (UTC +04:00)

(Panorama) - The external debt of Armenia will amount to $ 1.261 million by the end of 2006, out of which $1.095 mln belongs to the government and $166 mln to the Central Bank, Arshaluys Margaryan, head of department of the government debt at the ministry of finance and economy, told a press conference.

In his words, next year $17.027 million (6.28 billion drams) will be released for redemption of main debt and $10.01 million (3.368 bln drams) for interest-bearing debt. Margaryan said, 1998 was the peak of debt redemption and the next peak is expected in 2024, 2025 and 2026, reports Trend.

In the words of Margaryan, grace period of credits provided to Armenia will end up in two years. After that, Armenia will pay $3 million more each year in external debt. Margaryan also said, despite of the fact that external debt increased in amount, it decreased to 21% of GDP against 22% in 2005 and in 2007 it will be 17%.