Armenia Has $652 Million in Foreign Debt

YEREVAN (Noyan Tapan)–In late 1997 Armenia’s foreign debt was estimated at $652 million. Credits issued at state guarantees added another $42.1 million to the debt. From 1991 to 97 the foreign debt increased annually by $100-150 million–the government’s "Information and Analytical Center for Economic Reforms" reported.

The Center said that funds stipulated by international credit agreemen’s were the major source of foreign debt. In late 1997–Armenia’s greatest debt was for $241.3 million to the International Development Agency. Armenia also owes 14.4 percent of multilateral loans to the European Bank for Reconstruction and Development.

Armenia’s main partners in bilateral credit agreemen’s were Russia–France–the European Union and Turkmen’stan. Total debt to only these countries was $218.6 million–with $109 million to Russia–and 52.04 million to the EU.

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