13:23 GMT +3 hours27 May 2016

Armenia's foreign debt to hit $1.2 billion in late 2005

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YEREVAN, October 17 (RIA Novosti, Gamlet Matevosyan) - Armenia's foreign debt will stand at $1.2 billion in late 2005, the deputy finance and economy minister said Monday.

Atom Dzhandzhugazyan told a parliamentary session on the 2006 draft budget that Armenia's foreign debt would grow by $43.9 million year on year.

He also said Armenia would repay $50.2 million and $10.9 million in interest next year. After that, he said Armenia's foreign debt would stand at $1.3 billion, or 25.1% of the planned GDP, in late 2006.

"The republic will face no serious problems from the standpoint of foreign debt repayment," Dzhandzhugazyan said. "Armenia is considered a country with a medium and even low debt burden."

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