The Philosophy of External Public Debt Management

Pub Date : 2022-12-25 DOI:10.24234/wisdom.v24i4.945

Ashot Matevosyan, A. Grigoryan

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Abstract

The main goal of the presented article is to propose effective solutions in the philosophical context of the management of the foreign public debt of RA. The Government of the RA should adopt as a priority the philosophy of attracting borrowed funds from the domestic market. Considering also the fact that the Republic of Armenia relied on the philosophy of ensuring double-digit economic growth, having a long-term goal to increase the real GDP indicator, which will ultimately contribute to reducing the volume of debt obligations. As a priority contributing to this goal, the RA Government intends to significantly increase the volume of trade turnover[1], especially in connection with the current geopolitical situation, when Armenia, in particular, is the “gateway of Europe” for Russia, which is the main trading partner. [1] In 2021, major trading partners of the RA included Russia from the CIS countries (31.4% of trade turnover, compared to 30.6% of the previous year), and from the EU and other countries China (15% and 13.5%, respectively), Iran (6.0% and 5.6 %), Switzerland (4.6% and 6.6%), Germany (3.5% and 4.2%), Italy (3.4% and 3.3%), Bulgaria (2.7% and 2.4%) and the Netherlands (2.7% and 1.8%). Source: RA Ministry of Finance www.minfin.am.

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对外公共债务管理哲学

本文的主要目的是在RA外国公共债务管理的哲学背景下提出有效的解决方案。RA政府应优先采取从国内市场吸引借来资金的理念。还考虑到亚美尼亚共和国依靠确保两位数经济增长的理念，其长期目标是提高实际国内总产值指标，这最终将有助于减少债务数额。作为实现这一目标的优先事项，亚美尼亚政府打算大幅增加贸易额[1]，特别是考虑到当前的地缘政治形势，特别是亚美尼亚是俄罗斯的“欧洲门户”，俄罗斯是亚美尼亚的主要贸易伙伴[1]。2021年，RA的主要贸易伙伴包括独联体国家的俄罗斯(占贸易额的31.4%，前一年为30.6%)、欧盟和其他国家的中国(分别占15%和13.5%)、伊朗(6.0%和5.6%)、瑞士(4.6%和6.6%)、德国(3.5%和4.2%)、意大利(3.4%和3.3%)、保加利亚(2.7%和2.4%)和荷兰(2.7%和1.8%)。来源:RA Ministry of Finance www.minfin.am。

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