The state debt of Armenia has reached a new high, crossing the line of $5 billion, local Zhoghovurd daily reported, citing the country’s finance ministry officials.
Thus, the country has entered the new year of 2016 with a state debt of $5.71 billion. At the beginning of 2015, Armenia’s debt amounted to $4.4 billion, which means that in 2015, the country increased its debt by $629.5 million.
Armenia’s external debt amounts to $3.8 billion of the total sum, according to the newspaper.
"It’s noteworthy that Armenia accumulated $488 million of its foreign debt only in the past year,” Zhoghovurd reported. "The rapid growth of the external debt began after the international economic crisis of 2008. In the spring of 2008, i.e. prior to the crisis, Armenia’s foreign debt amounted to $1.55 billion. At the end of 2009, it had reached $3 billion.”
