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Original research
PUBLIC DEBT MANAGEMENT IN ARMENIA: ASSESSING INSTITUTIONAL FRAMEWORKS AND STRATEGIC INTERVENTIONSPages 61-66 Abstract
Over the past several years, Armenia has faced notable changes in its public debt trends, influenced by the consequences of the COVID-19 crisis, regional geopolitical tensions, and global economic disturbances. The level of government debt rose to over 63% of GDP during 2020–2021, subsequently falling to approximately 50% by 2023, primarily due to a robust economic recovery. The management of public debt in Armenia is carried out within an institutional setup that involves the Ministry of Finance, the Central Bank, and parliamentary supervision, though the country still does not have an autonomous debt management authority. External loans continue to constitute the largest share of Armenia’s debt portfolio, which increases exposure to currency fluctuations and reliance on foreign lenders. To ensure debt sustainability, it is essential to adopt a medium-term debt strategy, broaden the domestic government securities market, and implement advanced tools for risk assessment and control. Enhancing the institutional system and harmonizing national practices with international standards will be vital for transforming the state debt policy into a framework that promotes long-term macroeconomic resilience and development.
Keywords: Armenia, Debt policy, Institutional framework, Debt sustainability, External borrowing, Fiscal management.
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Ani Z. Grigoryan 
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