ArmInfo.Armenia's public debt trends are manageable - the intended goals have been achieved, and a certain buffer zone has been created. Deputy Minister of Finance Arman Poghosyan made this statement at a meeting of the National Assembly's relevant committee on March 20, when presenting a report on the progress and results of the Government Program (2021-2026) for 2025.
Specifically, he stated that by the end of 2025, Armenia's public debt will amount to $14.531 billion (an increase of approximately $1.7 billion, or 13.1%, compared to the end of December 2024 - ed.). In dram equivalent, the national debt has increased over the past year from 5 trillion 092.7 billion to 5 trillion 541.7 million drams.
The national debt/GDP ratio has decreased by 0.7 percentage points, reaching 47.3%, ensuring compliance with fiscal rules (below 50% of GDP). "Good news is that the share of debt denominated in national currency is steadily growing," a Finance Ministry representative noted, adding that it mitigates the risks associated with exchange rate fluctuations.
By the end of December 2025, the share of domestic debt in the government's overall debt structure had increased from 51.8% (by the end of 2024) to 53.4%, while the dram-denominated debt increased from 50.8% to 52.9%. Meanwhile, for January-December 2025, the budget deficit financing through net borrowing amounted to 438.7 billion drams (399.9 billion drams for all of 2024, while the annual program for 2025 is 639.4 billion drams). Out of this amount, 297 billion drams were sourced domestically (net proceeds from the placement of government treasury bonds), and 141.7 billion drams came from external sources, with the annual program of 291.4 billion drams and 348 billion drams, respectively.
It should be noted that 394.1 billion drams were allocated for servicing the government debt (interest payments), while the planned amount for all of 2025 was 360.8 billion drams (313.6 billion drams in 2024). According to the 2026 state budget, by the end of this year, government debt will amount to $15.152.8 billion (6.310.3 trillion drams), or 52.9% of GDP. Repayment and servicing of the government's debt will require 1.05 trillion drams (420 billion drams alone for interest payments).
