State debt of Armenia to grow in 2016

Armenia’s state debt-to-GDP ratio will increase to 49.4% in 2016 as compared with 48.3% in 2015, Deputy Finance Minister of Armenia Pavel Safaryan said today when presenting the draft state budget for 2016 in the Armenian parliament.

According to him, the external debt-to-GDP ratio will amount to 42.8% next year against 42.3% in 2015.

As regards the domestic debt, this index is expected to grow from the current 6% to 6.6% in 2016.

As the government press office reported earlier, the Armenian government approved the 2016 draft state budget of Armenia during a session on October 1. Budgetary revenues and expenditures are planned to make 1,183 billion drams and 1,373.7 billion drams respectively, with a deficit of 190.7 million drams. By the draft budget, real GDP growth is planned at 2.2%, deficit at 3.5%, while inflation is expected to average 4% plus/minus 1.5%.