Armenia’s public debt rises more than 10% in 2025

Armenia’s government debt has increased by 10.7% since the start of the year, reaching $13.66 billion at the end of October, according to data published by the country’s Statistical Committee and reported by Armenian media.

The Ministry of Finance has maintained its recent strategy of shifting away from foreign borrowing and relying more heavily on domestic instruments, particularly government bonds, Caliber.Az reports, citing Armenian media.

This trend continued throughout 2025. Compared with December 2024, the share of domestic debt rose from 51.8% to 53.5%, while the share of external debt fell from 48.2% to 46.5%. Foreign loans, in particular, declined from 36.75% to 32.2%.

By Aghakazim Guliyev