Armenia will raise public debt thresholdNovember 2, 2020 - 15:45 AMT PanARMENIAN.Net - Armenia will raise the thresholds of public debt as the country's economy was also impacted by the martial law introduced as a result of Azerbaijan's aggression against Nagorno-Karabakh (Artsakh), Deputy Foreign Minister Mher Grigoryan said Monday, November 2, Panorama.am reports. Grigoryan added, however, that the government will ensure that the borrowed funds are spent efficiently. The country will thus revise the threshold of 60% public debt-to-GDP ratio. "Of course, turnover will somehow decrease, tax revenues will be lower than expected, the deficit will be higher, but compensation mechanisms will be applied," the Deputy Prime Minister said. "I think we will find the balance that will allow us to get out of this situation, to neutralize and manage the risks coming from this challenge, to maintain a stable socio-economic situation." Earlier on Monday, the Ministry of Finance revised the forecasted decline in Armenia's economy in 2020 from 2.6% to 6.8%. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |