Armenia's finance minister forecasts 'inevitable increase' in foreign debt
Armenia's external debt will inevitably increase in the coming months due to the fallout from the coronavirus pandemic, the minister of finance said today, warning of the impact on the domestic economy.
At a news conference held at the Government's Information Center, Atom Janjughazyan noted that instead of the 4.9% real growth - underlying the 2020 State Budget - the country will face a 2% economic decline. "That, naturally, leads also to a change in the Gross Domestic Product, which in turn necessitates a budgetary revision," he said, introducing the 2019 budgetary execution plan and an amendment proposed to the law "On the 2020 State Budget".
As well as the world countries, he minister said, Armenia also reacts "uniquely and in a specific manner" to the negative changes.
" Apart from attracting debts, we do not have many alternatives to cover the expenditures. The reasonable approach, therefore, is to plan expenditures tantamount to our capacities. At the other end is the factor of attracting debts; hence it will be illogical to attract, and start serving those debts, failing instead to meet the planned expenditures. A change in the debt amount is inevitable in both the absolute and relative senses. Yet, the situation makes the measures mandatory to counteract to possible negative developments," Janjyghazyan added.
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