Page "Economy of Armenia" Paragraph 72
As of late November 2009, the Armenian government's foreign debt was around $ 3 billion USD, having doubled in size over the course of the previous year.
With the Armenian government needing more anti-crisis loans from the World Bank and other foreign donors, the debt-to-GDP ratio is expected to exceed 40 percent in 2010.
According to a World Bank official, a country that has around 12 percent rate of growth or even lower, at the range of 7 to 8 percent, can afford a level of public debt of up to 50 percent.
The official warned that the debt servicing payments of the Armenian government will surge by 2013 and absorb " quite significant part of tax revenues.