Armenia's economy growth of 7% in 2024 can be ensured through quality fulfillment of capital expenditures- Pashinyan

11.12.2023 08:35

The 7 percent growth projected by the government of Armenia for 2024 will be achieved if the capital expenditures planned for the next year are fulfilled with high quality, Armenian Prime Minister Nikol Pashinyan said last Friday during a discussion of a report on the activities of the Ministry of Territorial Administration and Infrastructure in 2023.br /

YEREVAN, December 11 /ARKA/. The 7 percent growth projected by the government of Armenia for 2024 will be achieved if the capital expenditures planned for the next year are fulfilled with high quality, Armenian Prime Minister Nikol Pashinyan said last Friday during a discussion of a report on the activities of the Ministry of Territorial Administration and Infrastructure in 2023.br

‘We need to make changes in our capital expenditures both in terms of pace and quality because the capital expenditures in 2024 are very large. Compared to 2018, we have a 300 percent increase. If we make those capital expenditures with quality, it is very realistic to achieve 7 percent economic growth next year as well. We just need to implement these programs with proper quality, Pashinyan was quoted by the government press office as saying.

He also reminded that most of the capital spending is done through the Ministry of Territorial Administration and Infrastructures, and it is very important that tenders are announced in due time.

The state budget for 2024 approved by the Parliament on December 7 calls for 2.723 trillion drams in revenue and 3 .206 trillion drams in spending. Some 695 billion drams are earmarked as capital expenditures.

According to Finance Minister Vahe Hovhannisyan, capital expenditures in 2024 will exceed this year's figure by 27% and make up 6.6% of GDP. ($1 - AMD 403.24) -0-

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