Armenia's external debt volume nears dangerous limitNovember 26, 2009 - 15:12 AMT PanARMENIAN.Net - 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | IDBank, Dalma team up for Caucasian Deer Reintroduction Program IDBank has joined Dalma Garden Mall’s Green Challenge to support the Caucasian red deer reintroduction project. Through Ucom’s support the 12th Sunchild Festival concludes On May 24-28, with the support of Ucom, the 12th international environmental festival Sunchild took place in Yerevan. U.S., Turkey emphasize importance of Armenia-Azerbaijan peace deal Jake Sullivan and Akif Cagatay Kilic have discussed the normalization process between Armenia and Azerbaijan. Armenia coach expects good football in Slovenia friendly The Armenian national team has left for Ljubljana a friendly match against Slovenia on June 4. |