Armenia’s state debt

As former Minister of Finance of Armenia, Levon Barkhudaryan stated on May 19 that Armenia’s state debt will reach 40 percent of the country’s GDP by the end of 2011. According to the former Finance Minister, Armenia is taking the wrong steps by increasing the state loan. According to him, the country’s debts are deteriorating the economic situation overall and there are some shortcomings in the administration of taxes. So according to the former minister, Armenia will be facing serious problems, particularly since 2013, as it has to start paying back and service its debts.