Armenia increases military spendings

Vahe Hovhannisyan, Armenia

© APA | Vahe Hovhannisyan, Armenia's Minister of Finance

# 08 November 2023 12:24 (UTC +04:00)

Armenia will increase its military spending for the next year, said Vahe Hovhannisyan, Armenia's Minister of Finance, during his speech at Parliament, APA reports.

According to the Minister, funds to be allocated from the Armenian budget for defense expenditures will exceed USD 1,4 billion: “Armenia's budget for defense will be 555 billion drams (approximately more than USD 1,4 billion), and this is 7 percent more than last year”.

Armenian Minister also added that defense expenditures make up 5,3 percent of Gross Domestic Product (GDP).