Armenia’s economy ministry to get around 33 billion drams in 2020

A total of 33.2 billion drams will be allocated to the Armenian Ministry of Economy in 2020 under the draft state budget against 25.9 billion drams of this year.

Speaking at parliamentary debates on the draft state budget, Economy Minister Tigran Khachatryan said the increased funds will be directed to implementing programs related to agriculture, tourism, industry, as well as small and medium-sized businesses.

“About 18 billion drams will be allocated for agricultural programs and 6.3 billion drams – for tourism development. Overall, it is planned to finance and implement 12 events under 5 projects, with a total cost of 8.9 billion drams,” the minister said.

He noted that out of the envisaged sum of 33.2 billion drams, 17.8 billion drams are to be co-financed by external sponsors, while the remaining funds will be provided from the state budget through tax revenues.