News - 41% of Armenia capital expenditures in 2024 to be directed to country’s defense sector

The Armenian authorities will direct 41 percent of capital expenditures in 2024 to assisting Armenia’s defense sector. This is noted in the draft of the country's 2024 state budget, which has been submitted to the parliament for approval during its ongoing regular four-day session. Accordingly, Armenia's capital expenditures will increase and amount to 710 billion drams in 2024. A total of 555 billion drams will be earmarked to the Ministry of Defense; this amount is 7 percent more than in 2023. And the country’s defense spending will make up 5.3 percent of its GDP.