Armenia to sharply increase spending in 2023

Armenian Finance Minister Tigran Khachatryan has said that Armenia will sharply increase spending in 2023, including spending in the defence sector.

Khachatryan made the remarks at a governmental meeting, submitting the draft state budget document for 2023, Caliber.Az reports with reference to the Armenian media on September 29.

Expenditures for these purposes will immediately increase by 200 billion drams ($496 million), or by about 56 per cent, and will reach 557 billion drams ($1.383 million) compared to 2022.

The ratio of these expenditures to GDP will reach 5.9 per cent, compared to 4.5 per cent planned for this year.