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 | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |