Armenia has been obliged to borrow overseas in order to compensate the shortfall of foreign exchange in the market and finance expansionary fiscal policy, Armenian Finance Minister Vardan Aramyan said in an interview with editor-in-chief of emerging-europe.com, Andrew Wrobel.

“Macroeconomic stability is important for foreign investors. It’s the first precondition for attracting foreign investment. This is because everybody, including the local investors, needs stability. They need to see some predictability and to have a clear understanding about what the government is doing and why, and if we cannot provide them with that we will not be able to convince them to come to our market. Today we have planned strong fiscal consolidation for the year 2017, thus ensuring debt sustainability and macro stability in the medium term. That’s exactly what we are doing for 2017,” the minister said.