Armenia Increases Military Spending by 40 Billion Drams, Extraordinary Session of Parliament to Be Convened

The Republic of Armenia plans to increase military spending by approximately 40 billion drams. An extraordinary session of the National Assembly will be held.

From the National Assembly, it is reported that on October 6, an extraordinary session will convene, with an agenda that includes a draft amendment to the law on the state budget for 2020.

The draft states that the changes to the state budget are necessitated by the immediate threat of armed aggression against the Republic of Armenia due to actions taken by the armed forces of the Republic of Azerbaijan during the declared state of war, as well as aims to ensure the sovereignty, security, and territorial integrity of the Republic of Armenia.

According to the draft, due to military operations, a temporary decrease in employment is anticipated, along with a reduction in demand from the private sector, as well as an increase in uncertainties and risks, resulting in an expected economic decline of 6.8% in 2020. The tax revenues of the 2020 state budget are projected to be approximately 1,320.5 billion drams, which is 112.7 billion drams lower than the changes made in April.