Armenia Sharply Increases Defence Spending

(MENAFN- AzerNews)
Armenia Sharply Increases Defence Spending Image
Abbas Ganbay Read more

Armenia will allocate 17% of the state budget to the defence sector in 2024, the Armenian Finance Ministry said, Azernews reports.

A total of about 557 bln drams ($136,406,418) is planned to be allocated, 81% more than it was in 2020.

Against the backdrop of rising tensions, Armenia has taken a decisive step to strengthen its defence capabilities. The Armenian Ministry of Finance has announced that in 2024, 17% of the state budget will be allocated to the defence sector.

In 2020, Armenia allocated 17% of its budget to military expenditures, and in 2021 the country's military expenditures amounted to 4.4% of GDP. The increased spending in 2024 shows a significant commitment to defence, especially when considering the size of Armenia's economy. In 2022, the country's total output was 8.5 trillion Armenian drams, or $19.5 billion.

Armenia's defence budget has been the subject of much discussion and speculation, with the Fact Investigation Platform (FIP) stressing the need to take into account the "absolute values of the figures", i.e. the actual expenditure. The increase in defence spending is seen as a necessary measure given the geopolitical realities of the region.

The main source of information on Armenia's military expenditures is the state budget, where funds are allocated to the Ministry of Defence. In addition, the country has significantly diversified its arms supplies, with more than 95% of its weapons coming from Russia.



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