YEREVAN, August 24. /ARKA/. Armenia's public debt (excluding liquid assets) is expected to remain stable at just over 40% of GDP in the medium term. This is stated in a report by the international rating agency S&P Global Ratings.
“The main fiscal risks will be related to the government's ability to maintain revenue growth while simultaneously meeting the structural demand for expenditures, especially in the areas of defense, healthcare, and infrastructure,” the document states.
Additionally, analysts indicate that possible government intervention in the activities of the Closed Joint Stock Company “Electric Networks of Armenia” (ENA) may create contingent fiscal obligations depending on the form of this intervention and the volume of compensation payments.
“However, we expect that prudent financial management, continued access to domestic and external capital markets, and stable nominal GDP growth will ensure the stability of public debt in the medium term,” the review states.
According to Armstat, as of June 30, 2026, Armenia's total public debt amounted to $13,900.932 million, having increased by $8.476 million compared to May 31, 2026. In the structure of total debt, $13,892.560 million is accounted for by government debt (monthly increase of $8.424 million), while $8.373 million is attributed to community debt (monthly increase of $0.052 million).
Earlier, the Deputy Minister of Finance of the RA Avag Avanesyan stated that the Armenian government aims to increase the ratio of public debt to GDP to 45%.
