Armenia will receive €200 million in loans, €100m each from the Agence française de développement (AFD) and Asian Development Bank (ADB) in a project designed improve public fiscal management and develop financial and capital markets in Armenia.

Armenian Finance Minister Tigran Khachatryan, at today’s government cabinet session, said that while these two new loans will boost Armenia’s state debt to US$10 billion by the end of the year, the state debt to GDP ratio will decrease to 49% by the start of 2024.

Armenian PM Nikol Pashinyan said the ratio now stands at 50%.