Armenia to increase defence, security expenditures

In absolute terms, the capital expenditures of the state budget of Armenia in 2023 will increase up to to $1.35 billion (by about 40%).

At the same time, ¾ of this growth will be directed to defence and security infrastructures, Caliber.Az reports with reference to the Armenian media. 

The remarks came from the Armenian Finance Minister Tigran Khachatryan at a hearing on the draft state budget of Armenia for 2023, held in the parliament of the republic, 

The defence budget in 2023 will amount to about $1.24 billion or 35% higher than in 2022. The ratio of defense spending to GDP will reach 5%, which is 0.9% more than the expected level in 2022.

The minister noted that the state will increase social spending with caution, since once having increased pensions or salaries in the public sector, it is impossible to reduce them back later. Therefore, they need to be increased with an eye to medium-term financial opportunities. Social protection spending will amount to about $1.5 billion, which is 10% higher than in 2022.

In general, budget revenues will amount to about about $5.66 billion, expenses - about $6.38 billion. Both figures are almost 18% more than in 2022.