Armenia's defense spending in 2024 is to increase by AMD 309 billion from 2018 - Pashinyan

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30.10.2023, 17:04

Armenia's defense spending in 2024 is to surge by 125% or AMD 309 billion compared to 2018, Prime Minister Nikol Pashinyan said on Monday.

Armenia's defense spending in 2024 is to increase by AMD 309 billion from 2018 - Pashinyan

YEREVAN, October 30. /ARKA/. Armenia's defense spending in 2024 is to surge by 125% or AMD 309 billion compared to 2018, Prime Minister Nikol Pashinyan said on Monday.

He added, however, that the planned growth in no way contradicts the peace agenda declared by the Armenian government.

Speaking at a parliamentary hearing on the draft state budget for 2024 Pashinyan said defense spending is ‘essential and key for the country and reforming our army is of paramount importance for us."

He noted that having combat-ready armed forces is a legal right and mandatory for any state.

"And we are moving forward in this direction. Of course, not at the pace we would like, but there are quite objective and subjective reasons for that. Nevertheless, I must state that the Armenian authorities are already realizing the course they declared earlier. In particular, the diversification of our relations in the security sphere," the Prime Minister stated.

Armenian Finance Minister Vahe Hovhannisyan specified that the draft budget earmarks 555 billion drams for the defense sector in 2024.

"This is 7% more than in 2023 and 5.3% of the country's GDP," Hovhannisyan said ($1 - AMD 402.55). -0-

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