Հայաստանի Հանրապետութեան արտաքին պարտքը. երկսայրի խնդիրներ (ակնարկ)
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2020
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The Republic of Armenia needed liquid money in order to run state affairs after proclaiming independence. The international community, the IMF and World Bank could not lend because no legal apparatus was yet in place for such an operation. The Russian Federation was the first to lend money to Armenia, after resolving the issue of sharing the foreign debt of the USSR.
This paper focuses on the foreign debt of the republic, examining its origins and its growth as well as the reasons for its increase in the last three decades.
The author refers to different theories which assess the risks of foreign debt with regard to GDP, the exports of a country, or its debt service and argues that it is reasonable and important to implement large scale projects which are beyond the yearly budget of the state. He notes, however, that the state should come up with short- and long-term economic plans concerning servicing of the debt, encouragement of foreign investment, increase of exports, swapping high-interest-rate debts for lower-interest rate debts, etc. The author maintains that reducing the foreign debt through increasing the GDP and balancing the state budget deficit by available "cheap" foreign money is realistic and doable.
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Մարտիրոսեան, Ա., «Հայաստանի Հանրապետութեան արտաքին պարտքը. երկսայրի խնդիրներ (ակնարկ)», «Հայկազեան հայագիտական հանդէս», 2020, Պէյրութ, էջ 701-710