Armenia's foreign debts was down by $86.5 million as of March 2019, the government said in a Facebook post.

As of January 31, the country's foreign debts stood at $5.547 billion, but as of March 31 it has come down to $5.488 billion.

Ratings agency Moody's had earlier said that Armenia was among the smaller emerging economies most vulnerable to refinancing risks, because they face a combination of large upcoming repayments and low foreign currency reserves. The country has $500 million coming up for repayment in 2020, which translates to 3.9 percent of GDP.