Armenian Government Takes Over Artsakh's Debt: National Assembly Approves Bill

The National Assembly approved, with 83 votes in favor, 0 against, and 5 abstentions, the bill transferring the approximately 315 billion AMD liability of the Artsakh government to Armenia. This legislation also included relevant amendments and additions to the 2023 state budget.

According to the bill, 70% of Artsakh's obligation to the Armenian government will be assumed by the Armenian government, while the remaining 30% will be taken on by Armenian banks.

Finance Minister Vahe Hovanissyan noted that among the 315 billion AMD, 187 billion AMD consists of government bonds from Artsakh, 85.5 billion AMD from foundation bonds, 22.5 billion AMD from loans to individuals, and 19 billion AMD from loans to legal entities. He mentioned that individuals in Artsakh seeking loan forgiveness comprise just over 10% of the total.

The minister did not deny the opposition lawmakers' assertions that the primary aim of this decision is to ensure the stability of the banking system. “No one has said the opposite. However, this decision will also impact the borrowing capacity of the people in Artsakh,” Hovanissyan stated.

Additionally, Artsvik Minasyan, the Secretary of the “Armenia” faction, announced that they would vote in favor with reservations. The “Honorary” faction abstained from voting.