In Armenia the major part of capital expenses in 2023 will be spent on financing the defense system and infrastructure ensuring security, the Armenian Minister of Finance Tigran Khachatryan said Monday.

His remarks came during the debates on the 2023 draft state budget in the National Assembly of Armenia at the joint session of the parliamentary standing committees.

Thus in 2023 the defense sector's expenses will amount to AMD 506bln. They, according to the minister, will exceed the spending figures set by the 2022 adjusted budget by 35% and reach 5% of GDP, which is 0.9% points higher than the expected figure for the current year.

"The increase in Social Security spending will also be substantial. In 2023, they will amount to 648 billion drams, exceeding by 10% the expenditures envisaged by the state budget for 2022 and thus ensuring a 7% level to GDP," Khachatryan said.