By Rashid Shirinov
The state debt of Armenia, a poor South Caucasus nation, has now approached a critical point.
The data released by the Armenian Finance Ministry show that the state debt of the country was $5,961.2 million in February, and this figure increased by $35 million in March.
About $5,478.3 million of the current total debt is the debt of the Armenian government – it has increased by $28.3 million since February.
Meanwhile, the external debt of Armenia is now more by $7.9 million than it was last month. The internal debt, in turn, increased by $20.4 million.
In addition, the external debt of the Central Bank of Armenia jumped by $6.7 million.
Thus, debts of Armenia are growing every month, but the socio-economic situation in the country is not improving, but rather is getting worse every day. This suggests that the government of the country continues to spend the allocated loans for own needs, but not for the well-being of the Armenian population.
The economy of the country remains critical, demonstrating unbelievably low indices each year. Descending economy, high poverty and increasing outflow of people are the pure realities in Armenia, which lack any governmental scenario or program to change the situation.
The official data shows that every third citizen of Armenia lives in poverty, and this indicator is growing every year. Moreover, the unemployment rate in Armenia still remains highest in the CIS area, while the wages in the country keep falling down.
In addition, the conflicts with neighbors, including the occupation of Azerbaijani lands, do not allow Armenia to join any regional project and gain any benefits. As a result, the Armenian population suffers from the situation.
All these give grounds to say that the government of Armenia will continue to take additional loans that will go literally nowhere.