YEREVAN, March 23. /ARKA/. The public debt-to-GDP ratio by the end of 2025 is 47.3%, below the target of 50%, stated Armenian Finance Minister Vahe Hovhannisyan.
“Compared to the previous year, (this figure) decreased by 0.7 percentage points,” he said at an extraordinary meeting of the parliamentary committee on financial, credit, and budgetary issues on Monday, presenting a report on the implementation of the government’s 2025 program.
According to Hovhannisyan, net financing of the state budget deficit from domestic borrowing last year amounted to 297 billion drams, or 67.7% of borrowed funds.
The Minister reported that, as a result, as of the end of 2025, the share of debt in dram terms was 52.9%, which is 2.2% higher than the same period in 2024.
About Public Debt
According to the Ministry of Finance, Armenia’s total public debt as of December 31, 2025, amounted to $14,531.3 million, compared to $12,842.2 million as of December 31, 2024.
Taking into account the reduction in budget deficits and high nominal GDP growth, the international rating agency S&P Global Ratings projected that Armenia’s public debt, net of liquid assets, would remain generally stable at a moderate level of 44% of GDP in the medium term.
