Share of external debt in total debt will decrease, says Armenian Finance Minister

YEREVAN, DECEMBER 7, ARMENPRESS. The share of external debt in Armenia’s total debt will decrease in 2023, Minister of Finance Tigran Khachatryan said during the debate of the 2023 state budget draft in the Parliament.

He stated that the government’s debt will comprise 4 trillion 645 billion drams or 49.8% of the GDP by the end of the year, and if the dollar exchange rate is lower, this figure will be smaller.

The minister said that the 2023 state budget draft proposed to set the deficit at 289 billion drams or 3.1% of the GDP. Maintaining the 7% economic growth in coming years will allow to set the budget deficit at 2.5-3% of the GDP, by ensuring sufficient resources for the financing of expenditures on the one hand, and reducing the debt level against the GDP on the other hand.

“In dram terms the government’s debt will comprise 4 trillion 645 billion drams or the 49.8% of the GDP by the end of 2023. The exchange rate of 436 AMD against USD is the basis of the calculation of this figure. And if we have lower exchange rate, this 49.8% will be lower. In 2023 the share of external debt will decline, and it will comprise 57.6% in the total debt by the end of the next year. In the end of this year the external debt has 60.2% share in the total debt”, he said.