The national debt of Armenia will decrease in dram terms next year, 70% of the debt is in foreign currency, whereas the dram has been appreciated. In an interview to Armenpress, Deputy Minister of Finance Vahe Hovhannisyan announced the aforesaid, as he presented details about the 2023 state budget draft.

“If when planning the budget of 2022 we were expecting to have a debt of 4 trillion 740 billion drams, we plan to have a debt of 4 trillion 627 billion drams at the end of 2023,” he said.

But it doesn’t mean that new debts will not be borrowed.

“Of course, we will borrow new debt funds as we have many programs, including infrastructural, which are being implemented by a foreign funding, in other words, by credit funds. We also implement budget support credit programs aimed at improving the policies. And of course we have plans to take a new debt,” he said.

The 2023 state budget draft off Armenia still needs to be debated at the joint session of the parliamentary standing committees and then during the parliament’s plenary session.