The external debt of Armenia will make $977.3 million in 2003. This is mentioned in the 2003 fiscal program of the central bank of Armenia. The remaking of Armenia’s debt to Russia ($93.7 million) in compliance with the agreement on “property in exchange for debt pay-off” will let annul the debt and provides for passing several Armenian enterprises to Russia. “This will notably lighten the debt burden of Armenia and will increase the share of preferential credits in the credit total volume, as the Russian credit was not a preferential one,” – the program says. As it follows from the program, the weight of preferential credits in the credit structure will become dominant again and will make 92.5%. “Within the past two years a notable increase of external debt liquidity indicators was registered, which is conditioned by the significant growth of the volume of commodities and services exported and imported,” – the program says.
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