Energy Sector’s Debts More Than 93 Billion Drams

YEREVAN (Noyan Tapan)–At its meeting Wednesday the Parliamentary Committee for Credit–Finance–Budgetary and Economic Affairs continued discussing the program of making amendmen’s to the government-submitted budget. The meeting was held to discuss the program concerning the heavy situation in the energy sector and the ways out of it.

Deputy Minister of Finance Meruzhan Mikaelian presented the financial debts of the sector and pointed out that despite the considerable increase in energy paymen’s (about 90 percent this year) the sector has a 50.8-billion dram deficit and debts totaling 93.3 billion drams. The main reasons for debts to creditors and the financial deficit are the low level of paymen’s for electricity in 1992-1995–huge debts to the industrial infrastructure and high percentage of energy losses.

According to the program submitted to the Parliamentary Committee the government intends to cover the debts by allocating 17.1 billion drams to the energy sector and water-supplying–irrigational and heat-supplying organizations. Deputy Minister of Energy Karen Galstian outlined the problems existing in the sector and presented programs aimed at solving these problems.

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