Armenia set to increase defence spending

Armenia is increasing defence spending, Finance Minister Vahe Hovhannisyan told the October 30 parliamentary debates of the draft state budget of Armenia for 2024.

“We are increasing capital expenditure to 6.6% of GDP, which will increase by 0.7% compared to 2023. 42% of capital expenditure should go to the defense sector. Defense spending will amount to 555 billion drams, which is 7% more than in 2023 and will amount to 5.3% of GDP,” Caliber.Az reports, citing the Armenian media.

As of today, 1 US dollar is exchanged for 402.5 Armenian drams.