On November 28, Armenian Finance Minister Vahe Hovhannisyan said that Armenia has almost AMD 200 billion ($500 million) in case of economic shocks.

Answering a question about the Armenian economy's ability to withstand shocks and possible drastic changes in the domestic and global markets, the finance minister noted that a reserve fund of 94 billion drams ($235 million) has been set aside in the state budget for this case. "For example, if the service sector does not show the growth we have planned and, as a result, the tax collection will be lower, we have funds in the reserve fund. We have planned this amount as revenue but have not distributed it. In this case, it will be used," he added.

At the same time, Hovhannisyan noted that AMD 60 billion ($150 million) is enough to manage major risks, according to the estimates of the ministry he heads. The remaining amount in reserve accounts will be used if unforeseen situations arise.

When asked what the government will do in case of serious shocks in the global financial market, Hovhannisyan noted that there is also a stabilization fund for such scenarios, the amount of which in value terms is 1% to 2% of the country's GDP. "At the moment, this amount equals 100 billion drams ($250 million)," the minister explained.