billion in 2013), as did the amount of principle repayments (from annual repayments of US$15–16 million in 2005-2008 exceeding US$150 million in 2013). This is a significant financial load on the state budget. Because of additional borrowings and lower concessionality of new loans, the burden might rise in the future years. In 2019, the Armenian government planned to obtain about $490 million in fresh loans rising public debt to about $7.5 billion. Just over $6.9 billion of that would be the government's debt. After reaching nearly 60.0 per cent of GDP, the public debt to GDP ratio decreased by approximately three percentage points in 2018 compared with a year before and stood at 55.7 per cent at the end of 2018. The government's public debt at the end of 2019 stood at $6.94 billion, making 50.3% of its GDP. In March 2019, sovereign debt comprised $5488 million, $86.5 million (about 2%) less than a year ago. Other sources quote Armenia's debt at $10.8 billion in September 2018, possibly including non-public debt too. In 2018, debt-to-GDP ratio stood at 55.7% down from 58.7% in 2017. Armenia revised the country's fiscal rules in 2018, setting a permissible threshold for public debt in the amount of 40, 50 and 60% of GDP. At the same time, it established that in case of force majeure situations such as natural disasters, wars, the government will be allowed to exceed this threshold. The debt rose by $863.5 million in 2016 and by another $832.5 million in 2017. It totalled just $1.9 billion before the 2008-2009 (13.5% of GDP) global financial crisis that plunged the county into a severe recession. Exchange rate of national currency National Statistics Office publishes official reference exchange rates for each year. Inflation For 2019, IMF forecasts inflation at 1.7%, which is below all neighbouring countries. The Armenian government projects inflation at 2.7% in 2019. The inflation rate in Armenia in 2020 was 1.21 percent, a 0.23 percent decrease over 2019, in 2019 was 1.44 percent, a 1.08 percent decrease over 2018, in 2018 was 2.52 percent, up 1.55 percent from 2017 and in 2017 was 0.97 percent, a 2.37 percent rise from 2016. Cash remittances Cash remittances sent back home from Armenians working abroad — mostly in Russia and the United States — contribute significantly to Armenia's Gross Domestic Product making up 14% of GDP in 2018. They help Armenia sustain double-digit