Armenia’s Public Debt Exceeds $12 Billion: Gevorg Papoyan Misleads the Public

The Minister of Economy of the Republic of Armenia, Gevorg Papoyan, in a video posted on his Facebook page responding to citizens' inquiries about the size of the state debt, provided incomplete and misleading information.

In particular, he stated that Armenia's external debt actually amounts to $5.962 billion, failing to mention that in addition to the external debt, Armenia also has internal debt.

The 'Fact-Checking Platform' examined Armenia's public debt and found that as of December 31, 2024, Armenia's external debt totals $6.454 billion, which includes the external debt of the Government of Armenia and the external debt of the Central Bank of Armenia.

Thus, the information provided by Gevorg Papoyan is erroneous and incomplete, as he did not include the external debt of the Central Bank in the calculation of Armenia's external debt. It should be noted that according to the 'Law on Public Debt of the Republic of Armenia,' 'external public debt is the sum of debt obligations undertaken by the Republic of Armenia and the Central Bank of Armenia in favor of non-residents of the Republic of Armenia and foreign states that exist at a certain point in time.'

Therefore, as of December 31, 2024, Armenia's public debt, according to the Ministry of Finance, amounts to $12.842.2 billion. For comparison, as of December 31, 2023, it was $11.845.4 billion, meaning that Armenia's public debt has increased by approximately $997 million in one year.

The government debt is $12.338.2 billion, of which $5.950.1 billion is external debt and $6.388.1 billion is internal debt. The external debt of the Central Bank amounts to $504 million.

Compared to the beginning of the year, Armenia's total external debt has decreased from $6.501.5 billion to $6.454.2 billion. Meanwhile, the internal debt has increased from $5.343.9 billion to $6.388.1 billion.