Armenian PM Nikol Pashinyan today announced that the government plans to increase the minimum monthly salary from 68,000 to 75,000 drams ($167 - $184).

Pashinyan announced the news at a government cabinet session, adding that his administration is aiming at a 7% economic activity index.

Finance Minister Tigran Khachatryan said the inflation rate in Armenia is higher than the set target and that the main reason is the significant increase in prices for basic goods and services in international markets.

Khachatryan said the government will allocate additional funds (65 billion drams) to pension and other social assistance programs.

The minister said that Armenia will spend another 144 billion drams ($354 million) for aid programs in Artsakh in 2023, and 36.3 billion to Armenia’s science sector.

On October 29, 2021, Pashinyan said Armenia’s 2022 budget envisages allocating 144 billion AMD to Artsakh in 2022. Whether that amount was actually allocated and for what remains to be investigated.

Pashinyan noted that while Armenia has witnessed 10.2% overall economic growth in the first five months of 2022 (construction - 11.4%, services - 24.9%, electricity production - 13.1%, export growth - 27.5%), industrial production lags at 2%.