YEREVAN. – According to international financial organizations, Armenia is no longer in the group of poor countries, and it has moved up to the group of middle-income countries. 

Finance Minister Davit Sargsyan stated the above-said Thursday to news reporters.

In his words, however, this means Armenia will no longer receive discounted loans and it will have to obtain funding on its own; this is why the country recently issued Eurobonds in the international market. 

The minister added that several other factors also paved the way for the issuance of the Armenian Eurobonds. First, in the absence of government bonds, Armenia’s private sector obtains unfavorable and high-interest-rate funds from international markets.

In addition, as per Sargsyan, the issuance of the Eurobonds enables to diversify the funding of Armenia’s external debt.