In this article, we will look at the government’s 2021-2026. to another remarkable and at the same time problematic record in the report on the progress and results of the 2025 implementation of the activity plan. It refers to the following wording on page 8 of the report. “Within the economic and investment plan for 2021-2025 The sum of the actually implemented, as well as signed, approved and soon-to-be-launched projects amounted to around 900 million euros.։

At first glance, this can be perceived as a serious investment achievement. However, if we go a little deeper, the picture will be completely different. We are talking about the “Economic and Investment Plan” formed within the framework of cooperation with the EU, regarding which as early as 2021. the government announced about 2.6 billion euros of investments in Armenia. Now, according to that report, 900 million euros of that volume are already “in motion” in the form of a signed, approved, or in the beginning project. But there is an important subtlety here, which the report tried to hide as much as possible.

A significant part of that 900 million euros is not really an investment. we are only talking about the loan funds provided to the RA government. In other words, external financial resources that Armenia attracts within the framework of cooperation with the EU and is obliged to return in the future. In other words, what is presented as an “investment package” is mostly public debt.

This is not just a wording problem, but a substantive one. When a loan is presented as an investment, an artificial impression of “success” is created. Meanwhile, real investment implies risk-taking capital, private sector activity and long-term confidence in the country. The loan, on the other hand, is a liability that sooner or later must be repaid at the expense of RA citizens, “proud” taxpayers.

Moreover, if we talk about the investment environment, the picture here is more than worrying. Despite the official assurances that Armenia remains an attractive destination for investors, in reality, the opposite assessment is being heard more and more often by various international organizations and experts: high risks, unpredictable environment, weak institutions, self-righteousness by the ruling power. The investor is primarily looking for stability, predictability, protection of rights and clear rules of the game. However, the problems of property rights protection in Armenia, political or arbitrary interventions and lack of transparency of decisions have significantly undermined that trust.

When talking about the quality of the investment environment in Armenia, it is impossible not to mention a number of scandalous cases in recent years, which have caused additional doubt among investors. For example, the processes surrounding Armenia’s electric grids, which are accompanied by high political tensions and conflicting public assessments, show how quickly an unstable situation can develop around private property. In the same way, the questions and lack of transparency surrounding the activities of the ANIF Foundation undermined the trust in public-private cooperation. The fact that the Zangezur copper-molybdenum combine applied for international arbitration cannot be ignored. These examples create an environment where the investor not only calculates economic profitability, but also political risks, which remain high in Armenia.

The general picture is unequivocal: when the debt was presented as an investment in the most important state document, and the actual results were not compared with the own program targets, it is not just a mistake, it is a conscious manipulation. This is not a report, but a political text written in the language of “good numbers”. And no matter how much an attempt is made to package the reality, it is obvious that it is not about achievements, but about failed management, missed opportunities and yet another unfulfilled promises.

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