Armenia: Partial trade-off between domestic and external borrowing

Armenia: Partial trade-off between domestic and external borrowing
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Armenia's domestic public debt has increased while foreign public debt has decreased in the first seven months of 2022.

Armenia's public foreign debt decreased and public domestic debt increased in the first seven months of 2022, leading to a net decrease in total public debt, an Armenian official announced on Facebook.

Chairman of the Financial, Credit and Budgetary Affairs Committee in the Armenian Parliament, Gevorg Papoyan, said:

"The public foreign debt decreased by 585 billion drams, or by 19.7%, while public domestic debt increased by 219 billion drams, or by 17.7%."

The net Armenian public debt decreased by 366 billion drams (approximately $845 million), or by 8.7%.

Papoyan added that 74.6% of the Armenian public debt consisted of foreign debt, while the remaining 25.4% consisted of domestic debt.

Armenia's GDP, on the other hand, increased by 13% in the second quarter of 2022 compared to the same quarter last year, according to a statement by the Prime Minister's Office.

The GDP per capita rose by a significant increase to 641,105 drams, or approximately $1,481.