The newspaper “Zhoghovurd” has reported that the state debt of the Republic of Armenia is projected to reach approximately $11.352 billion by the end of July 2023. According to data from the Ministry of Finance, the government debt decreased by $12 million as of April 30 this year, bringing the total to $12.07 billion.

This record-high debt is a cause for concern for the Republic of Armenia. During a meeting of the Economic Cooperation, Business Circle, and Forum, Prime Minister Nikol Pashinyan announced that Armenia has experienced a 30% growth. However, economist Tatul Manaserian has referred to this growth as a “bubble” and cautions against excessive enthusiasm over the increase in real estate prices.

Interestingly, despite criticizing the previous government for escalating the national debt, Nikol Pashinyan’s current administration has continued the same borrowing policies, leading to further enrichment of team members. It is important to note that the Ministry of Finance’s latest data projects an external debt of $11 billion by the end of 2020, and experts believe that the real estate sector’s dynamics in Armenia only serve to sustain market demand and supply, potentially leading to a socio-political crisis.

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News from Armenia – NEWS.am