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The RA Ministry of Finance actively cooperates with the International Monetary Fund so that to ensure the accurate reflection of financial management indicators in accounting and reporting in accordance with internationally accepted standards. The RA Deputy Minister of Finance Avag Avanesyan noted at the sitting of the Standing Committee on Financial-Credit and Budgetary Affairs held on October 13.

The Committee debated in the first reading the bill on Amending the Law on Public Debt and the package of related bills.

According to Avag Avanesyan, during the analyzes conducted with the International Monetary Fund, it was found out that in the Republic of Armenia, external debt and guarantees of the Central Bank are accounted for as public debt, while community debt is not presented as public consolidated debt, which is contrary to internationally established standards.

The legislative initiative proposes to revise the concept “public debt” by excluding external debt and state guarantees from Central Bank and including community debt.

It is planned to envisage clear authorities for the Ministry of Finance to issue eurobonds. Purpose of adopting legislative initiative is to ensure modern system for regulating pubic debt, as well as to resolve issues and problems that have arisen in practice and require legislative regulation through normative legal regulation.

Avag Avanesyan answered to the deputies’ questions, providing clarifications on the concept of “conditional contractual liability” as well as the envisaged regulations.

The package of bills was endorsed.