10:59,
YEREVAN, MAY 29, ARMENPRESS. The Armenian government is spending debt only for capital purposes and it doesn’t take debt for raising salaries or pensions, Prime Minister Nikol Pashinyan told lawmakers at a joint committee session for preliminary debates of the 2022 government budget report.
“We have a debt management strategy. We’ve also recorded in the government program that we will be satisfied if the debt-to GDP ratio stands below 60% by 2026,” Pashinyan said, adding that the debt-to-GDP ratio was 46,7% in 2022, while in 2017 the number was 58,9%.
Nominal debt has increased unavoidably, Pashinyan said, noting the loan projects such as the North-South and other programs, which were planned to be carried out by foreign resources from the beginning.
The COVID-19 pandemic also claimed much resources and the debt increased back then as well.
Disclaimer: This article was contributed and translated into English by Hambik Zargarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2023/05/29/debt-is-used-exclusively-for-capital-purposes-pm/