Պետական պարտքի կառավարման արդյունավետության մեծացման մեթոդական հենքի բարելավման հիմնախնդիրները Հայաստանի Հանրապետությունում / The problems of improving the methodological basis for increasing the public debt management efficiency in the Republic of Armenia

Abstract

The amount of public debt and its ratio to the GDP are one of the most important economic indicators of the state. It is a matter of concern indeed that both indicators are steadily increasing in Armenia. In particular, in recent years the total public debt has almost doubled. By way of various methods (statistical data study, comparative analysis, generalization, etc.), the article not only examines the public debt of the Republic of Armenia and its ratio to the with GDP, but also the prospects for increasing the efficiency of debt management. Meanwhile, aspects of debt security are analyzed in the general system of economic threats to the security of the Republic of Armenia. Throughout the research, special attention is paid not only to the amount of debt and its ratio to the GDP, but also to various theoretical and practical ways of effective management of debt, targeted at its consistent reduction. The author comes up with a few innovative models and mechanisms for solving this problem. More particularly, the method of “Conversion of external public debt into environmental projects”, which has been successfully tested by a number of developing Eastern European, Asian, African and Latin American countries, is proposed as one of the most optimal and effective mechanisms for debt reduction. Its essence lies in the fact that with the creditors’ consent, the debt is partially or completely written off if the debtor state invests these funds in environmental programs carried out on its territory. A good method of debt reduction is the restructuring of the external debt, namely, the one Russia has turned to in order to reduce its debt to the London Club. To sum up, the author has come up with a number of recommendations to optimize the debt management, in particular, reformation of the RA legislation in the financial and budgetary sphere