According to Eurasianet some economic experts in Armenia are starting to worry: they believe the Armenian government is taking on too much foreign debt without clear means to finance it. Foreign debt, which now outstrips Armenia’s state budget by $1.6 billion, according to the Central Bank, was supposed to help put the country on a sustainable development path, but, so far, the country has little to show for it, said economist Artak Manukian of the anti-corruption watchdog Transparency International Armenia.

“The borrowed funds have not boosted the economy at all, not contributed to the development of promising economic sectors, have not diversified the economy; hence, there is no stable income,” he said. Only “shopping malls and casinos,” rather than “new factories,” have opened recently.