Armenian National Assembly Passes 2023 State Budget Draft

The National Assembly of Armenia has adopted the draft state budget for 2023. A total of 66 lawmakers voted in favor, while 28 opposed the draft.

According to the draft, the expenditures of the 2023 state budget will total 2 trillion 591 billion drams, while revenues are projected at 2 trillion 302 billion drams. The deficit is set to reach 289 billion drams.

Compared to the previous draft presented to the National Assembly, budget expenditures have increased by 826 million drams, and revenues have risen by 734.5 million drams to a total of 2 trillion 302 billion drams. Tax revenues remain unchanged at 2 trillion 203.7 billion drams. The increase in revenues has come from other incomes and official grants. The state budget deficit has remained unchanged.

It is worth recalling that earlier, Finance Minister Tigran Khachatryan stated that the budget draft was developed in the context of international and regional complex challenges. Notably, over the past year, the global economy has become less stable, international trade has slowed down, transfers have become more expensive and longer, and the prices of goods and services continue to rise worldwide.