LAW OF THE REPUBLIC OF ARMENIA

of June 18, 2008 No. ZR-78

About public debt

Accepted by National Assembly of the Republic of Armenia on May 26, 2008

Chapter 1. General provisions

Article 1. Subject of regulation of the law

1. This law governs the relations connected with public debt of the Republic of Armenia and also with publicity of debt of public sector.

Article 2. The basic concepts used in the law

1. The basic concepts used in this law are:

1) the debt obligation amount, received by means of the tools provided by part 1 of article 5 of this law, and outstanding for certain moment including the amount of the percent which are not paid at the scheduled time;

2) public debt - the cumulative amount of the debt obligations assumed by the Government on behalf of the Republic of Armenia and local government bodies on behalf of communities of the Republic of Armenia (further referred to as with communities) and existing on certain timepoint (except for debt obligations between the Government and communities, and also intercommunal debt obligations);

3) the state debt amount of the debt obligations assumed by the Government and existing for certain moment;

4) debt of communities amounts of the debt obligations assumed by local government bodies and existing for certain moment;

5) internal public debt - the cumulative amount of the debt obligations assumed by the government and local government bodies before inhabitants and existing on certain timepoint (except for debt obligations between the government and communities, and also intercommunal debt obligations);

6) the public external debt - the total amount of the debt obligations assumed by the Government concerning the nonresidents and existing for certain moment;

7) debt of the state sector - consolidated (without debt obligations before each other) the amount of public debt and debt obligations of the financial and non-financial organizations of public sector accepted and existing for certain moment;

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