Armenia Sharply Increases Defence Spending
Date
1/23/2024 5:11:02 AM
(MENAFN- AzerNews)
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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