US public debt reaches staggering level - Yerevan sounding alarm
The $12 billion national debt is extremely dangerous for Armenia.
Azernews reports, citing Day.az that this was stated by the Chairman of the Chamber of Auditors of Armenia Nairi Sargsyan.
According to him, in Armenia, where more than half of the population is poor, 13% of expenses are spent on debt servicing.
He noted that this is a huge amount of money that could be used to solve economic and social problems.
Sargsyan said that the main problem is that the funds raised through debt are not being implemented in profitable areas that could both cover the debt and create additional income. "At this rate, the time will come when Armenia will be forced to compensate for the debt by transferring state property," he emphasized.
The Chairman of the Chamber of Auditors noted that all those who call on Armenia to join the European Union are against Armenia since its economy is not competitive there. "Armenia is not welcome in the EU. Has the EU opened a place for Armenia? No," he concluded.
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