MINISTRY OF FINANCE
OF THE REPUBLIC OF ARMENIA

The state guarantee is the government's obligation (budgetary guarantee) at a certain time to the lenders and creditors, as well as the liabilities of the Central Bank towards non-resident lenders and creditors concerning to be fully or partially repaying the amounts subject to payment by resident borrowers of the Republic of Armenia in case of non-payment within the defined period of time.

Internal state guarantees are the budgetary guarantees provided to residents of the Republic of Armenia.

External state guarantees are the state guarantees provided to non-residents and foreign countries by the Republic of Armenia and the Central Bank.