YEREVAN, June 26. /ARKA/. The Armenian government aims to bring the public debt-to-GDP ratio to 45%, approximately within five years, stated Deputy Finance Minister Avag Avanesyan.
“If we talk about the medium term, the target is approximately five years,” Avanesyan said on the sidelines of a business forum dedicated to the 20th anniversary of the Eurasian Development Bank (EDB).
According to him, the level of public debt depends on several factors, including the budget deficit and GDP growth rate. “Therefore, talking about a specific timeframe now would be frivolous,” the Deputy Minister noted.
Avanesyan emphasized that much will depend on the extent to which the country’s fiscal space is limited, as well as on possible new crises, including international ones.
“Overall, the government’s goal is to move in this direction in the coming years. This will reduce the cost of servicing the national debt and give us more room to maneuver,” he said.
The deputy minister noted that the government’s policy in this area remains consistent. “We are striving to maintain a sustainable budget deficit and, by combining this with economic growth, strengthen the economy’s ability to withstand new challenges,” Avanesyan stated.
According to the Ministry of Finance, Armenia’s total public debt as of March 31, 2026, amounted to $14.077 billion, compared to $13.906 billion as of December 31, 2025.
In the structure of public debt, the government’s debt amounted to $14 billion 68.95 million, of which external debt was $6 billion 672.6 million, and internal debt was $7 billion 396.3 million. The debt of the communities amounted to $8.18 million, including external debt of $8.03 million, and internal debt of $0.15 million. The external debt of the Central Bank of Armenia at the end of March 2026 amounted to $482.4 million.
