Armenian finance minister: Country’s public debt growing due to budget deficit

Armenia’s public debt is growing due to the budget deficit, Armenian Finance Minister Vahe Hovhannisyan told journalists in parliament, Report informs referring to Armenian media.

He noted that Armenia’s expenses exceed its income.

“In 2024, our expenses will amount to 3.17 trillion drams ($7.549 billion), and income will be 340 billion less than this amount. That is, we must borrow 340 billion drams. This issue is currently being discussed. We are borrowing amounts from various sources to cover expenses. Another thing is that our income should grow faster so that we do not have problems,” Hovhannisyan noted.

He emphasized that it is necessary to pay attention to the debt-to-GDP ratio. Hovhannisyan doesn’t see any serious risks here, since it is planned that by the end of next year the debt-GDP ratio will be below 50%, namely 48.4%.