Armenia's external debt volume nears dangerous limit
Armenia's external debt volume nears a dangerous limit. By the end of 2009, external debt will total USD 3.5 million, said Vazgen Safaryan, the head of Local Manufacturers' Union.
"Armenia's external debt increased twice over the last 8 months. External debt -GDP ratio is nearing 46%. Over 50% ratio will label Armenia as an insolvent country," he told a news conference in Yerevan.
He informed that by the yearend Armenia's exports will reach USD 600 million, decreasing by 40% compared with 2008, "which spells a significant slump in our manufacturing capabilities". By the end of 2009, imports will comprise USD 3.5 billion against USD 4.4 billion registered in 2008.
"Armenia's external debt increased twice over the last 8 months. External debt -GDP ratio is nearing 46%. Over 50% ratio will label Armenia as an insolvent country," he told a news conference in Yerevan.
He informed that by the yearend Armenia's exports will reach USD 600 million, decreasing by 40% compared with 2008, "which spells a significant slump in our manufacturing capabilities". By the end of 2009, imports will comprise USD 3.5 billion against USD 4.4 billion registered in 2008.
