On June 3 the NA Standing Committee on Foreign Relations and on Financial-Credit, Budgetary and Economic Affairs debated the Report on the Execution of the 2003 State Budget of the Republic of Armenia addressing servicing foreign debt, membership fees of the RA Ministry of Foreign Affairs to the international organizations.

Atom Janjughazyan, RA Deputy Minister of Finance and Economy, Paymaster-General, stated RA foreign debt amounted to $1.097bn or 39.3% of the GDP as of December 31, 2003. RA Government’s direct credit liabilities amount to $875.7m, RA Central Bank’s credit liabilities amount to 214.6m, while the state bonds amount to $7.3m. The foreign debt servicing amounted to $140.81m $112.9 of which in terms of RA Government’s credit liabilities and $27.9m in terms of CB credit liabilities. The net present value of the foreign debt amounted to $728.4m as of December 31, 2003. The NPV/GDP ration amounted to 26% against 28.4% registered in 2003.

RA Deputy Foreign Minister Tatul Margaryan presented membership fees of the RA Ministry of Foreign Affairs to the international organizations. The Foreign Ministry staff costs amounted to 391.5m AMD ensuring 97.4% implementation of the budgeted program, diplomatic mission staff costs amounted to 3.5bn AMD ensuring 100% implementation of the budgeted program, while the membership fees to the international organizations amounted to 988m AMD ensuring the total implementation of the budgeted program, the deputy minister said.