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%.