Armenia’s Minister of Economy and member of the Civil Contract Party, Gevorg Papoyan, stated that only poor people in Armenia have no debt and no credit.

“The richest people in Armenia, including those who finance websites, have the largest debts, because they conduct their business using borrowed funds. They take out loans, invest them in business, make a profit, and allocate a small portion to various media outlets,” Papoyan told reporters.

According to the minister, the wealthiest individuals in Armenia are those with the largest debt obligations.