Armenia plans to increase its defense budget in 2024

The Armenian government plans to increase its capital expenditures by 23% to 695 billion drams next year, Minister of Finance Vahe Hovhannisyan said at parliamentary hearings on the draft state budget on Monday.

According to him, the defense spending will make up 42% of capital expenditures.

In particular, 555 billion drams will be allocated to the Ministry of Defense.

"This is 7% more than in 2023 and amounts to 5,3% of the GDP,” Hovhannisyan said.