Armenian Prime Minister is leaving for Brussels March 15 to borrow U.S. $1 billion from the local authorities, a member of the opposition Armenian National Congress (ANC), economist Vahagn Khachatryan told journalists March 11. He pointed out that the information has been received from European agencies.

"I trust this information because, when you look through the 2011 draft budget, you can see that our foreign debt totaled U.S. $3.3 billion last December. This year`s draft budget envisages a U.S. $4.2 billion debt. May be the Government forecast the economic situation and planned to turn to other nations for help," Khachatryan said.
Borrowing funds from other countries will affect the Armenian economy because "the funds will not be used effectively."

"That is why the incumbent Government`s resignation a day earlier means salvation for our country. Besides, it may revive confidence in the future," Khachatryan said. The expert does not rule out the Government is getting ready for an imminent default in Armenia.