YEREVAN, January 29. /ARKA/. Armenian government’s general debt (GGD) amounted to an estimated 48.2% of GDP at end-2023 ('BB' median: 52%).Fitch Ratings said in a report.

It recalled that aAuthorities bought back USD186.8 million of a USD313.2 million Eurobond maturing in 2025, given the favourable budget performance and cash reserves.

The assumption of part of the debt of the liquidated political entity of the Republic of Nagorno-Karabakh increased GGD by 2.2pp of GDP in 2023. Fitch expects debt to stabilise at 49.4% of GDP on average in 2024-25.

The FX proportion of GGD fell further to 55% as of end-2023 (current 'BB' median: 53%), from 62% in 2022 and a peak of 86% in 2015, reflecting the strength of the dram relative to historical levels, as well as a greater shift towards local issuances, in line with official strategy.

According to the National Statistical Committee of Armenia, as of November 30, 2023, the total state debt  of the country amounted to over $11,2 billion, having increased by over $91.3 million compared to October 31, 2023.

About $6,4 billion of the total amount was  the external debt (up $31.517 million from the previous e month), while domestic debt rose by $59.8 million to over $4,8 billion --0--.