The government of Armenia approved the draft law on the state budget for 2023 at its Cabinet meeting Thursday.

Minister of Finance Tigran Khachatryan, presenting this draft, noted that it shall provide funding for the programs that will be implemented in 2023 to achieve the goals set by the government plan.

According to him, the 2023 state budget has set a goal of recording 7-percent annual economic growth.

"Current economic developments suggest that we will conclude 2022 with 11-12 percent economic growth. This is positive, but in order to ensure 7 percent economic growth in the coming year, it also requires us to speed up the reforms, as well as increase the efficiency of economic and social programs being funded by the budget. The tax/GDP indicator for 2023 is set at 25 percent. It is predicted that in 2022, this indicator will be 23.2 percent," he said.

According to the finance minister, Armenia’s tax revenues in 2023 will amount to 2 trillion 204 billion drams, which will exceed the expected figure of this year by 280 billion drams.

"In 2023, the total amount of state budget expenditures will be 2 trillion 590 billion drams, or 27.8 percent of the GDP. It will exceed the expenditures approved by the 2022 budget by 18.3 percent. This will enable to increase the funding—in all defined directions—of programs aimed at improving security and economic infrastructures," he said.