Armenia to receive €100 million from France to close budget gap

The Armenian government has approved the bill on ratification of the loan agreement with the French Development Agency signed on November 17, 2022.

Yerevan will receive 100 million euros to finance the state budget gap from French Development Agency, Caliber.Az reports quoting Armenian media.

"There is much speculation now, they say the state debt of Armenia has reached 7 billion," Prime Minister Nikol Pashinyan said at the government session on November 24.However, Finance Minister Tigran Khachatryan corrected the prime minister, noting that Armenia's state debt has reached over 10 billion.

"Yes, 10 billion [euros] and so on, but that figure is not important, what matters is how much the state debt is in relation to GDP. Our task is not that our debt should not be 10 or 15 billion, but that our debt should not grow in relation to GDP, but decrease," Pashinyan said in response.