Armenia increases defence spendings

The defence budget of Armenia in 2024 will amount to 555 billion drams or $1.4 billion, indicating a 7% increase from 2023.

Caliber.Az reports, citing the Armenian media, that the statement came from Finance Minister Vahe Hovhannisyan at the final discussion of the draft state budget of the commission on financial, credit and budgetary issues of the Armenian parliament on November 8.

“We will allocate 555 billion drams for the defence sector, which is 7% more than in 2023. Defence spending will amount to 5.3% of GDP,” he said.