Armenia's security and economic infrastructure spending to increase by 9% in 2023

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29.09.2022, 16:10

Armenia's draft budget for 2023, approved today by the government, calls for increased spending on security and economic infrastructures, as well as education, science, culture and sports.

Armenia's security and economic infrastructure spending to increase by 9% in 2023

YEREVAN, Sept. 29. /ARKA/. Armenia's draft budget for 2023, approved today by the government, calls for increased spending on security and economic infrastructures, as well as education, science, culture and sports.

According to Minister of Finance Tigran Khachatryan, capital expenses for the improvement of security and economic infrastructure in 2023 will considerably increase to 557bln drams (5.9% of GDP), by about 200bln drams more than envisaged by this year's budget (4.5% of GDP).

"The total amount of budgeted allocations for infrastructure and territorial development programs is set at 286 billion drams, which is 9% more than the funding approved for 2022," he noted.

Education, science, culture and sports will receive 250 billion drams in 2023, which is 10.3% more than the amount envisaged by this year's budget. He specified that 208 billion drams of this amount will be allocated for education and over 36 billion drams for science. Funding for social welfare programs will exceed 648 billion drams, which is 11.8% (or 69 billion drams) more than this year's figure.

"Financing of pensions will exceed 25 billion drams. Funding for measures aimed at improving the demographic situation will also increase by 17 billion drams," he said.

Allocations for health care sector will exceed 146 billion drams in 2023, by 22% more than the figure initially set in 2022 state budget. Funding for the Ministry of Economy will exceed 64 billion drams (12 billion drams more than the 2022 state budget). ($1 - 408.04 drams).

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