2020 will be the the first year in Armenia’s history that the government will not be borrowing budget support loans, Prime Minister Nikol Pashinyan said in a Facebook post on Monday, January 27.

Pashinyan revealed that loans from external sources will be used for specific programs and are set to be ratified by the National Assembly.

“Capital expenditure envisaged by the state budget for 2020 grew 21% compared to 2017, 90% compared to 2018, and more than 30% compared to the 2019 budget,” the Prime Minister said.

Pashinyan added that a total capital expenditure of AMD287.7 billion is expected in 2020.

The National Assembly approved Armenia's budget for 2020 in December 2019. The budget predicts a growth of 4.9% for the coming year, while deficit is projected at AMD 160.7 billion.