Armenia`s debt to World Bank increasing 

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).