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ArmInfo. Armenia’s external debt to the World Bank (WB) increased by 1.3% in the first half of 2025 (against a 2.7% decline in the same period a year ago), while accelerating in growth from 2.3% to 4.6% year-on-year, exceeding $1.7 billion. This is evidenced by data from the RA Statistical Committee.
The debt to the German bank KfW also began to increase – by 6.4% in the first half of 2025, and by 1.5% year-on-year, reaching $493.1 million, while a year ago both the semi-annual and annual dynamics were in decline.
The debt to the Asian Development Bank (ADB) accelerated in growth in the first half of 2025 from 0.3% to 2.5%, and in annual terms from 1.3% to 15.3%, reaching $991.2 million by July 2025.
At the same time, the debt to the International Monetary Fund (IMF) continued to decrease – by 40.5% in the first half of 2025 (against a 24.1% decline in the same period a year ago), and in annual terms – by 58% (against a 37% decline a year earlier), amounting to $123.5 million.
The debt to Russia, having amounted to $219.3 million in the first half of 2025, also continued to decrease: by 8.4% in the first half of 2025, by 15.5% in annual terms, against 7.2% and 13.4% a year earlier.
In the structure of Armenia’s external debt, the share of the WB increased over two years from 32.7% to 34.5%, ADB – from 17% to 19.6%, and KfW slightly decreased from 10.5% to 9.8%, while the IMF’s share decreased more noticeably – from 9.3% to 2.4%, and Russia’s – from 6% to 4.3%.
In the first half of the year, the external debt to France also increased – by 10.7% to $334.6 million, to Japan (JICA) – by 5.9% to $127.6 million, and to the USA decreased by 12.2% to $7.5 million, the share of which in Armenia’s total external debt is 6.6%, 2.5% and 0.1%, respectively.
In the first half of the year, the debt to the European Investment Bank also increased by 0.5% to $283.5 million (5.6% of Armenia’s total external debt), the European Union – by 12.2% to $76.1 million (1.5%), the European Bank for Reconstruction and Development (EBRD) – by 11.3% to $45.1 million (0.9%), the International Fund for Agricultural Development (IFAD) – by 1.4% to $47.7 million (0.9%), the OPEC Fund for International Development – by 7.8% to $145.4 million (2.9%), and the Eurasian Development Bank (EDB) – by 3.2% to $392.3 million (7.8%). In total, the amount of debt under bilateral credit programs increased by 4.1% in the first half of the year – to $ 1.2 billion (23.7% of Armenia’s total external debt). Under multilateral credit programs, the debt increased slightly over the half-year – only 0.01%, amounting to $ 3.9 billion (76.1% of Armenia’s total external debt).
Armenia’s external debt reached $ 6.9 billion by July 2025, increasing by 7.6% or $ 489 million in the first half of the year, and by 11% or $ 692 million year-on-year. In Armenia’s total public debt, external debt accounted for 50.1%, compared to 58% two years earlier. The specific debt burden per capita has increased over two years from $3.8 thousand to $4.5 thousand, with the per capita burden from external debt increasing less noticeably from $2.2 thousand to $2.3 thousand than from internal debt from $1.6 thousand to $2.2 thousand, and this with an increase in the population over this period by 4.7% or by 139 thousand people – to 3.084 million people by July 1, 2025 (taking into account the citizens of Artsakh forcibly displaced in September 2023).
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