In 2023 Armenia plans to collect 75% more revenues than in 2018- PM

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Economy

16.11.2022, 17:18

The amount of revenue the Armenian government expects to collect in 2023 is 75% more than projected by the budget of 2018, Armenian Prime Minister Nikol Pashinyan said in the parliament today.

In 2023 Armenia plans to collect 75% more revenues than in 2018- PM

YEREVAN, November 16. /ARKA/. The amount of revenue the Armenian government expects to collect in 2023 is 75% more than projected by the budget of 2018, Armenian Prime Minister Nikol Pashinyan said in the parliament today.

"Four and a half years on, having gone through a war and covid pandemic, we propose a budget that is 75% more than that in 2018," the prime minister said.

Armenia's defense spending will increase by 114% in 2023 compared to 2018 and by 47% compared to 2022 to 506 billion drams (5% of GDP), the Prime Minister said. He also said that as much as 22 billion drams are earmarked to finance subvention projects in all regions of the country.

According to him, the government's share in financing virtually all projects implemented across the country amount to about 85%.

The draft state budget for 2023 calls for 2.59 trillion drams in spending (27.8% of GDP) and 2.2 trillion drams in revenue. The projected growth for next year is 7%. ($1 – 395.15 drams). -0-

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