Armenia to allocate over $1.7 billion for defense in 2025- Finance Minister

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Economy

28.10.2024, 11:34

Armenia’s draft state budget for 2025 includes an allocation of 664.7 billion drams (over $1.7 billion) for defense, Finance Minister Vahe Hovhannisyan announced during budget discussions in parliament.

Armenia to allocate over $1.7 billion for defense in 2025- Finance Minister

YEREVAN, October 28. /ARKA/. Armenia’s draft state budget for 2025 includes an allocation of 664.7 billion drams (over $1.7 billion) for defense, Finance Minister Vahe Hovhannisyan announced during budget discussions in parliament.

"Of the capital expenditures, 55.8% will be directed towards defense, totaling 664.7 billion drams, a 20% increase from the defense allocation in 2024," Hovhannisyan stated.

He added that defense spending will represent 6% of GDP, up by 0.7% compared to 2024. "This is the most substantial part of our budget, as we are channeling our resources to strengthen defense," he emphasized.

About the 2025 State Budget

The Armenian government’s draft budget for 2025, approved in late September 2024, projects revenues of 2.873 trillion drams, expenditures of 3.482 trillion drams, and a deficit of 609 billion drams. The budget also anticipates 5.6% economic growth, 3.5% average inflation, and a government debt-to-GDP ratio of 53.5%. (Exchange rate: $1 = 387.25 drams). -0-

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