Armenia’s state debt will be close to $8.9bn in late 2021- minister
The minister of finance on Thursday predicted an increase in Armenia’s state debt to $8.9 billion, warning also of an economic downfall to an estimated 7.5% by late 2021.
“The Government’s debt will be close to 8.5 billion, while the state debt, amounting to 400-500 million in this case, will be approximated to $8.9 billion by the Central Bank. The government's debts is, in other words, 66%, with the general debt being up to 70%,” Atom Janjughazyan told reporters after the cabinet meeting.
Asked about the highest permissible debt ceiling, Janjughazyan admitted that a debt-to-GDP ratio above 70% is considered an average risk factor for developing countries (when no payback scenario is visible). “We need to jointly consider the scenarios that will help return the debt to a manageable domain. We need to invest real efforts to return to this threshold. Instead of reducing the debt, we need to consider scenarios of GDP increase,” he added.
The minister also shared the forecasts for the estimated economic growth. “The predicted economic growth is 3.2% for 2021, but we aspire for a higher growth in case of investing proper efforts to open up greater opportunities,” he added.
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