ARMENIA REPORTS INCREASE IN EXTERNAL DEBT

Officials of the Finance and Economy Ministry reported on 3 March that Armenia's foreign debt rose by nearly 7 percent to reach $1.1 billion at the end of 2003, Arminfo reported. Armenia's debt to international creditors accounted for 88 percent of the total, with $674 million owed to the World Bank and another $215 million to the International Monetary Fund (IMF). These figures represent increases in 2003 of 24 percent and 10 percent, respectively. The announcement complicates the Armenian government's pledge late last month to significantly reduce its foreign debt.