Armenia to repay its debt

Armenia will pay off $7m to the Itera international energy group as a debt repayment by the end of this year, Armenian Energy Minister Karen Galustyan declared. According to him, the old currency indebtedness of $7.7m is supposed to be restructured. This debt will be paid off in the first quarter of 2001. In addition, debts to the Itera company will be paid off in commodities by February 2001, "Oreanda" reports. A problem of repaying a $16m debt for electrical supplies to the Armenian electrical power station is supposed to be resolved in 2001, Galustyan noted. Among the main money sources to cover the debt repayments is a $8m credit from Russia.