Armenia’s government approved measures to borrow a total of about $346 million from two international financial institutions, as the country’s national debt continues to grow.
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1 Comment
I am so tired of Armenian media leaving important details out and using sensationalist language to create its own narrative. Yes, the debt has increased BUT it has actually considerably decreased as a percentage of GDP. It was almost 60 percent back in 2021. And yes, share of budget used to service the debt has increased BUT that is mainly due to a shift to Dram denominated debt. Instead of only borrowing from foreign banks and institutions, Armenia is borrowing from its own banks and people. It pays more in interest but that money ends up in Armenian banks and market and eventually boosts the Armenian economy. Plus, if Armenian Drum crashes, the debt load will remain stable. The Armenian government has done an amazing job switching to Dram denominated debt in the last ten years.