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YEREVAN. – According to official government forecast, the state debt of the Republic of Armenia (RA) will amount to US$4.9 billion at the end of 2015, reported Haykakan Zhamanak daily.

“In doing so, the state debt will make up around 45 percent of our gross domestic product [GDP].

“In reality, however, the picture will be different.

“Since the GDP growth is very doubtful, it is expected that, in practice, the RA state debt will make up 55-57 percent of the GDP, by the year’s end.

“But this likewise will not reflect reality. The problem is that the money, which should logically have been included in the RA state debt, is not included. Specifically, the banks with government guarantees have provided huge volumes of loans to various organizations.  

“And it cannot be ruled out that our state debt has actually already crossed the 60 percent of the GDP, which is the maximum amount of the state debt specified by our legislation. In other words, we should closely follow what is happening these days in Greece; the same could repeat here [in Armenia] several years later,” wrote Haykakan Zhamanak.

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