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Armenia’s public debt is increasing at a high rate under the current government, MP Tadevos Avetisyan of the opposition Hayastan bloc said at a parliament session on Friday.

The National Assembly convened a special session to debate draft laws on ratification of loan agreements worth some $200 million with the French Development Agency and the Asian Development Bank (ADB).

“This is yet another initiative which significantly increases the country’s public debt,” he said, addressing the parliament. “Armenia’s public debt is soaring under the current government. From 2018 to date, the debt has increased by more than 40%. There are few countries that see a 10% rise in their public debts annually.”

According to the opposition deputy, the debt amount is dangerously high but surmountable.

"But you can't disparage the national debt like that, making it a subject of jokes, because it concerns the development of our future generation," Avetisyan underscored.

The Armenian parliament voted 59 to 26 to ratify the loan agreement with the ADB. The deal between Armenia and the French Development Agency was endorsed by a vote of 63 for and 27 against.