Armenia's public debt rapidly growing – MP Avetisyan

An MP from the Armenia Faction Tadevos Avetisyan has said that his country’s public debt is rapidly growing.

"As of October 2023, the state debt of the Republic of Armenia totaled 11 billion 116 million US dollars, increased by 10.5 per cent compared to the same period last year," Avetisyan noted, Caliber.Az reports.

"Amid high economic growth of 12.6 per cent in October 2022 compared to the same period of the previous year, the public debt increased by about 10 per cent, crossing the 10 billion US dollars threshold.

During the previous 5 years of this government's rule, the public debt increased by about 65 per cent or about $4.4 billion.

In other words, per one citizen of the Republic of Armenia, this government has increased the public debt by about $1,500.

In fact, the incumbent government has increased the public debt by an average of 13 per cent per year during its rule.

This is despite the fact that the average annual economic growth rate is about 5 per cent, which is 2.6 times lower than the average annual growth rate of public debt.

Thus, it is once again fixed and justified: these authorities are keeping our country in debt, wasting the future resource of our country's long-term development, leaving the burden of today's rapidly growing debt to generations," the opposition MP noted.