VIDEO: "Sensations are circulating about Armenia's debt" - Vahe Hovhannisyan

“Recently, sensations are frequently circulating in the media regarding the threshold of Armenia's debt,” said Finance Minister Vahe Hovhannisyan during today’s cabinet meeting while discussing the issue of borrowing from the International Bank for Reconstruction and Development.

“In each year’s budget, we outline how Armenia's debt will change and from which sources it will be funded. During the discussions of the annual budget, these issues become clear. Both this and the other loan programs we are to present are not new and have been announced in advance, with the sources being known,” said the minister.

It is noteworthy that a draft law on ratifying the loan agreement between Armenia and the French Development Agency was also approved through a package of issues that were not reported. The agreement was signed on June 26 of this year, aimed at receiving a loan of 75 million euros under the budget support program based on policy for Armenia.

“The amount of the debt is not as important as the effectiveness of using the funds attracted through loans,” added Deputy Prime Minister Mher Grigoryan.

As a reminder, according to the latest data, Armenia’s total public debt as of June 30 of this year amounted to over 12 billion dollars.