Armenia’s national debt is to constitute 42-44 per cent of GDP this year. “This is far from the level that would arouse concern – 50% of GDP. Armenia’s legislation allows us to increase the national debt up to 60% of GDP,” RA Minister of Finance Tigran Davtyan told a press conference.

The International monetary Fund (IMF) has revised the hard stand-by credit issued to Armenia during the crisis. “It is a promptly issued but hard credit,” Davtyan said. The credit was issued for five years. After it was revised, a 10-year term was set, with a 5-year grace period. Under a U.S. $822m stand-by agreement, Armenia received a total of U.S. $237m last year.