Armenian Government Announces Significant Increase in Defense Spending for 2024: 125% More Compared

Prime Minister Nikol Pashinyan revealed plans for a substantial rise in defense spending for the year 2024, addressing lawmakers during a committee hearing on the budget draft. The proposed budget indicates a significant boost in defense allocations.

Pashinyan emphasized that the considerable increase in defense spending, amounting to a 125% rise compared to 2018, aligns with the government's priority of reforming and strengthening the country's military forces. The allocated funds for 2024, totaling 309 billion drams ($772,037,427.00), will be directed towards crucial military initiatives. The Prime Minister underlined that these measures do not conflict with Armenia's pursuit of peace, asserting that a well-equipped and prepared military is a fundamental requirement for any sovereign state.

"The reforms of our army, our military are a priority for us. Such a dynamic increase in defense spending doesn’t contradict our declared peace agenda because having a combat-ready military is the legitimate right and mandatory attribute of any state," stated Prime Minister Pashinyan, addressing concerns about the balance between defense investments and peace initiatives.

In addition to the rise in defense funding, Pashinyan highlighted the establishment and development of the newly created Foreign Intelligence Service. He expressed confidence that this intelligence agency would serve as a significant factor in ensuring Armenia’s foreign security.

Minister of Finance Vahe Hovhannisyan provided further details during debates on the 2024 state budget. He disclosed that capital spending in the defense sector for the upcoming year would reach approximately 555 billion drams, equivalent to $1.4 billion. This amount, which represents a 7% increase from the previous year, equates to approximately 5.3% of the country's GDP.

The announcement comes amid regional security concerns, highlighting the Armenian government's dedication to fortifying its defense capabilities and ensuring the safety and sovereignty of the nation. As discussions on the budget progress, Armenia braces itself for a year of significant investments in its defense infrastructure, signaling the government's unwavering commitment to national security.