Armenia Owes $108.5 Million to Russia

YEREVAN (Noyan Tapan)–As of June 30–2000–Armenia’s debt to the Russian Federation amounted to $108.5 million. The debt will be paid by installmen’s until the year 2010.

The Ministry of Finance and Economy of Armenia refers to the current year as the heaviest in terms of serving the debt. A total of $20.05 million must be paid in 2000. The period of 2001-2007 is going to be a tough one–too–as Armenia will have to pay $17.66 million to $14.33 million yearly–the annual interest being 6.1 percent.

Defense Minister and National Security Council Secretary Serge Sargssian reached a preliminary agreement on a revised scheme of paymen’s during his Moscow visit.

A draft agreement on the new order of paymen’s has already been prepared and submitted to the Russian side for consideration–said the Ministry of Finance and Economy.

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