Armenia expects its debt total to pile up further this year to amount to at least 3.7 billion U.S. dollars, as against last year's 3.3 billion indebtedness, Xinhua reported.
The government of Armenia had estimated that the national debt could rise to 4 billion dollars this year.
The lesser debt expectation was made by Armenia's parliamentary finance and budget chief Gagik Minasyan.
However, the parliamentary finance and budget committee chairman has warned the nation of facing "considerable risks."
He said "debt will reach 47 percent-48 percent of GDP. Trade turnover is definitely a key factor, as we should purchase enough currency to service the debt."
The government of Armenia is planning to spend 119 million dollars this year on servicing the debt.
The parliamentary finance and budget chief believes that the debt amount Armenia is now facing is still controllable.
"From the viewpoint of external debt, Armenia is a country having small or medium debt."