ArmInfo. Despite the increase in absolute public debt, Armenia's debt-to-GDP ratio in 2026 will remain at the same level as in 2025. This was stated by RA Minister of Finance Vahe Hovhannisyan on October 27 during the presentation of the draft 2026 state budget to the National Assembly committees.
He stated that the reduction in interest rates on international and local markets will lead to a stabilization of the public debt payment burden. The public debt ceiling was calculated based on certain risks associated with exchange rate fluctuations. If these risks are neutralized, public debt servicing indicators will be lower than planned. This year alone, savings on public debt payments due to the aforementioned factors will amount to approximately 40 billion drams.
The minister noted that over the past few years, domestic debt has exceeded 50%. In the near future, this ratio will be slightly adjusted in favor of external debt, which will increase. This will reduce liquidity pressure on Armenia's banking system, allowing it to channel more investment into the country's economy.
As of June 30, 2025, Armenia's public debt amounted to $13.85 billion. During the first half of 2025, it increased by 7.9% in dollar terms, primarily due to the issuance of $750 million in Eurobonds. Domestic debt accounts for 52% of the total debt.
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