Armenia`s foreign debt had totaled U.S. $3,795 million, or 44% of GDP, by the end of last year. However, Armenian Minister of Finance Vache Gabrielyan believes the foreign debt/GDP ratio will not increase this or next year. In 2013, it will even decrease, the minister said.

The mid-term programs envisage smaller budget deficit, which will help reduce the foreign debt.

As regards large-scale infrastructure programs Armenia plans to implement with external sponsorship - ones involving the nuclear-power station, Iran-Armenia railway and Iran-Armenia pipeline - Minister Gabrielyan said that they will not cause an increase in Armenia`s foreign debt. "We are discussing numerous approaches under the Iran-Armenia railway and nuclear power plant construction programs, completely private financing among them," the minister said.