In absolute number, the government's debt is expected to approach $8.5 billion, and the national debt will approach approximately $8.9 billion; Armenia’s Minister of Finance Atom Janjughazyan told this to reporters on Thursday.
To the question as to what the additional $750mn loan is going to be spent on, the minister said: "This is not an additional, unaccounted, unforeseen debt, but, on the contrary, it is the implementation of the source envisioned by the law to fund the deficit for 2021."
When asked what the 53 billion drams taken from the Hayastan All-Armenian Fund was spent on, the minister said that the respective spending has already been presented in great detail.
And to the question as to what extent Armenia’s had crossed the risk threshold, Janjughazyan responded: "There is no such thing because if we return to our regulations, we have fiscal rules for which the first threshold is considered the government debt/40 percent of GDP because after that it is defined what rule should be applied. There are countries where there is 90 and 100 percent, but as a rule, for developing countries, the debt-to-GDP ratio above 70 [percent] is considered high or medium risk in the case when the return scenario is not clear.”