MP Vugar Bayramov: Armenia is region`s most foreign debt–dependent country


October 8, Fineko/abc.az. The downgrade of Armenia's credit rating by international rating agency Fitch Ratings can be regarded as reaction of the occupying country's economy to the crisis that has begun on our lands.

ABC.AZ was informed about this by MP Vugar Bayramov.

According to the MP, in Armenia, which has only $2.6 bn of foreign exchange reserves, the amount of external debt is twice as large, i.e. $5.7 bn: “For comparison, I note that Azerbaijan's strategic currency reserves are 20-fold higher than occupying country’s reserves. Enemy’s country’s foreign debt is more than half of GDP, i.e. 53.5%. This means that Armenia is the most foreign debt–dependent country in the region. In Armenia, where the economy contracted by 5.7% in the 1st half of 2020, the trend of economic decline accelerated even more. According to all macroeconomic indicators, Armenia, the region’s weakest country, is not able to wage a long-term war with the existing small economic potential. This means that after the liberation of our glorious lands under occupation, the recession in Armenia will increase even more.”