The authorities of Armenia have unveiled their plans to allocate 41% of the country’s capital expenditures towards defense support in 2024. This announcement came with the presentation of the draft budget for 2024 during the parliamentary hearings of the National Assembly. It is worth noting that the capital expenditures for the upcoming year will see a significant increase, reaching a total of 710 billion drams. Out of this amount, 555 billion drams will be designated for defense spending, representing a 7% increase compared to the previous year. Additionally, defense spending will constitute 5.3% of the country’s Gross Domestic Product (GDP).

This news, which was reported by NEWS.am, sheds light on the government’s commitment to bolster Armenia’s defense capabilities. Allocating such a substantial portion of the capital expenditures towards defense evidently reflects the nation’s strong resolve to protect its security and sovereignty.