Armenia’s state debt at $12,8 billion, says finance minister

Armenia’s state debt stood at 5 trillion drams or 12,8 billion USD as of yearend 2024, finance minister Vahe Hovhannisyan has said.

“As of the end of 2024, the state debt stood at 5 trillion drams, which equals to 12,8 billion dollars,” Hovhannisyan told lawmakers at the parliamentary committee on economic affairs during debates of the government programs’ 2024 report. “The state debt increased 6,2% compared to the year before. But our state debt decreased by 0,1 percentage point against the GDP and stood at 48,3%, which is considered a very stable and safe limit. It is also regulated by our fiscal rules.”

The tax-to-GDP ratio stood at 23,6%, which also decreased compared to 2023, he added. 

In the past 7 years the tax-to-GDP ratio improved by 2,8 percentage points and reached 23,6% from 20,8%.