YEREVAN, June 26: The Armenian government aims to reduce the ratio of national debt to GDP to 45% within approximately five years, stated the Deputy Minister of Finance of Armenia, Avag Avanesyan:
“In the medium term, the target is about five years,” Avanesyan said at a business forum dedicated to the 20th anniversary of the Eurasian Development Bank (EDB):
According to him, the level of national debt depends on several factors, including the budget deficit and GDP growth rates. “Therefore, it would be unreasonable to talk about a specific timeline right now,” the deputy minister noted:
Avanesyan emphasized that much will depend on how constrained the country’s fiscal space is, as well as potential new crises, including international ones:
“Overall, the government’s goal is to move in this direction in the coming years. This will allow us to reduce the cost of servicing the national debt and give us more maneuvering opportunities,” he said:
The deputy minister noted that the government's policy in this area remains consistent. “We strive to keep the budget deficit at a sustainable level and, by combining this with economic growth, strengthen the economy's ability to withstand new challenges,” Avanesyan stated:
According to the Ministry of Finance, the total national debt of Armenia as of March 31, 2026, amounted to $14.0771 billion, compared to $13.906 billion as of December 31, 2025:
In the structure of the national debt, the government debt amounted to $14.06895 billion, of which external debt was $6.6726 billion and internal debt was $7.3963 billion:
The debt of municipalities amounted to $8.18 million, including external debt of $8.03 million and internal debt of $0.15 million:
The external debt of the Central Bank of Armenia at the end of March 2026 amounted to $482.4 million:
