YEREVAN. - Armenia has not received budgeted foreign credits amounting to about $35 million (12.9 billion AMD) in the first quarter of 2011, says report issued by Armenia’s Finance Ministry.

In total, budget deficit in the first quarter totaled about $6.5 million (2.4 billion AMD), 11.5 times less than it was projected. Deviation is conditioned both by delay in receiving foreign credits and not using surplus funds. About $ 7.7 million (2.8 billion AMD) was allocated to pay off foreign debts in 2011.