ARMENIAN STATE DEBT SOME $1 BILLION AT TURN OF 2002

PanARMENIAN.Net - According to the current calculations, the state debt of Armenia at the turn of 2002 made some $1 billion. Chief of the department of state debt management of the Armenian ministry of economy and finance Arshaluys Margarian told "Arka" agency. In his words, from the point of view of paying off the external debt significant accomplishments were made last year. In particular, A. Margarian noted the agreement with Russia on conveying Armenian enterprises for paying off Armenia's debt to Russia. Evaluating the deal, he emphasized that as a result the budget burden would abate and that would form notable opportunities for increasing social expenditures. Let us remind that last December the Armenian parliament ratified the agreement on conveying shares of 5 Armenian enterprises to Russia to pay off the state debt of Armenia. The shares of "Mars" CJSC, Yerevan research institute of science of materials, Yerevan research institute of mathematical machines and Yerevan research institute of automated management systems, as well as Hrazdan thermal power plant property will be passed to the Russian party. Thus, Armenia will pay off a significant part of the debt to Russia making $93 million.