By Azernews

By Rashid Shirinov

The state debt of Armenia, a poor South Caucasus nation, continues to increase while the government seems not to bother itself to do anything to stop it.

The total state debt of Armenia as of late July 2017 made $6,202 billion, thus increasing by $60.8 million since the end of June, according to the National Statistical Service of the country.

The external debt increased by $42.7 million for the last month, thus equaling to $4,985 billion. As for the internal debt of Armenia, it grew up by $18 million and made $1,217 billion by the end of July.

Last year, the state debt of Armenia was $5,849 billion, and the Armenian state budget implies the state debt of $6,245 billion by the end of this year. However, it will apparently exceed this figure.

Although Armenia attracts huge loans every year, 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.

Thus, Armenia continues to remain in a terrible situation that is getting even worse. Debts of the country are growing every month, but the socio-economic situation is not improving. So, here a question arises – where do these attracted loans flow?