Armenia increases its military budget by 34 billion drams

Armenia increases its military budget by 34 billion drams

YEREVAN, January 12. /ARKA/. Armenia has increased it military budget for 2018 by 34 billion drams when compared to 2017, to 1.5% of the projected GDP or 246 billion drams, Atom Margaryan, the head of the Center for Innovative and Institutional Research, told journalists on Friday.

He said the increase in defense spending is inevitable for Armenia because of the unsettled Karabakh conflict and the need to constantly modernize the country's defense system.

"The increase in defense spending is prompted by the constant need to modernize and purchase new types of weapons. The public at large looks at it with understanding," Margaryan said, adding, however, that the increasing defense spending is becoming a heavy burden for the budget.

"However, this is the price we have to pay for our security and a peaceful sky over our heads," Margaryan said.

Armenian defense minister Vigen Sargsyan said earlier that Armenia would increase its defense spending by 17% (24 billion drams or $50 million) in 2018.

The 2018 budget calls for 1 trillion and 307 billion drams in revenue and 1 trillion and 464.2 billion drams in spending. The deficit is envisaged in the amount of 156.8 billion drams. The GDP is projected to make 5 trillion and 851 billion drams (in 2017 it was 5 trillion and 409 billion drams). ($ 1 - 478.03 drams). -0-

14:48 12.01.2018





 

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