ArmInfo.In 2024, AMD 345.417bln will be allocated to finance programs in the fields of education, science, culture, sports and youth, Deputy Minister of Finance Vahan Sirunyan stated at a hearing in the commissions of Armenia's Parliament.
According to him, compared to 2023, the volume of financing in the sector will increase by AMD 95.047bln, or by 38%. Of the total funding, about 62% or AMD 216.397bln will be current expenses, another 37.4% of the funds, or AMD 129bln will be used for capital expenses.
If we distribute resources by area, it is planned to allocate AMD 285bln to education (an increase of 47%), to science - AMD 37.4bln (an increase of 8%), to culture - AMD 18.909bln (the same as in the current year) , sports - AMD 6.6bln (the amount of allocations has not changed compared to the previous year), youth - AMD 2.3bln (same as in 2023).
In total, 23 programs and 200 events are planned to be implemented next year.
According to the bill, in 2024 the economic growth rate is planned to be at least 7%. State treasury revenues are provided at AMD 2,566bln, which is 15.4% higher than the plan for 2023, and expenses AMD 3,17bln, or a 15.9% increase. Among expenses, capital expenditures will amount to AMD 695bln, or 22% more than the plan for 2023.
At the end of next year, the tax-to-GDP ratio is planned to increase by 0.75%. The budget deficit will be about 340 billion drams or 3.2% of GDP. As a result, by the end of 2024, the government's public debt to GDP ratio will be 48.4%, that is, below 50%.
