Thursday, September 29 2022 14:03
Naira Badalian

Armenia to significantly increase capex for infrastructure projects  in 2023

Armenia to significantly increase capex for infrastructure projects  in 2023

ArmInfo.In 2023, Armenia plans to significantly increase capital expenditures to improve  infrastructures. This was stated by Minister of Finance Tigran  Khachatryan, presenting the draft state budget for 2023 at a  government meeting on September 29.

Thus, according to him, as a result of financing from own income and  borrowed funds, by the end of 2023, the expenditures of the state  treasury will reach 2 trillion 590 billion drams or 27.8% of GDP.  This will exceed the expenditures approved in the state budget for  2022 by 18.3%, which will increase funding for projects aimed at  improving the economy and security infrastructure.

Capital expenditures for improving security and economic  infrastructure will increase significantly -upto 557 billion drams,  which is about 200 billion drams more than the state budget for 2022.  In 2023, this figure will reach 5.9% of GDP against 4.5% originally  planned for this year. "Allocations for security infrastructure will  increase significantly, financial allocations for improving economic  infrastructure will continue to be high, construction and capital  work of social infrastructure, education and healthcare facilities  will increase," Khachatryan said.

Expenses for infrastructure and territorial development will amount  to 286 billion drams, which is 9% more than the program indicator for  this year.

Spending on education, science, sports and culture will reach 250  billion drams, or 10.3% more than in 2022. In particular, spending on  education will amount to 208 billion drams, or about 21 billion drams  more than the current year. This will make it possible to deepen  reforms in the field and finance salary increases for teachers who  have passed certification. Spending on science will increase by 6.5  billion drams and reach 36 billion drams, which will make it possible  to improve the equipment of scientific centers..

Social protection spending will increase by 11.8% or 69 billion drams  and reach 648 billion, which will make it possible to pay pensions  that will be increased from July 2023 and finance other social  programs.  In particular, it is planned to allocate 25 billion drams  from the budget for 2023 to increase pensions, and another 17 billion  drams will be additionally allocated to support young families and  demographic programs.

Health care spending will amount to more than 146 billion drams,  which is 22% more than the planned figure for 2022.

The expenses of the Ministry of Economy will exceed 64 billion drams,  or 22 billion drams more than the planned figure for this year.

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