Israel Cabinet announced an expanded defense budget of 50.5 billion New Israel Shekels (~US$ 11.9 billion) today, with United States footing quarter of the bill.
The announcement came after an agreement reached between Defense Minister Ehud Barak and Finance Minister Ronie Bar-On, and approved by Prime Minister Ehud Olmert.
"The budget, which met the approval of professionals in both the IDF and the Ministry of Defense, constitutes an expression of the Government's trend to strengthen the security budget and place it at the head of national priorities," the Prime Ministers office stated. "It was also agreed upon between the Prime Minister, Defense Minister and Finance Minister, to continue to regularly follow regional developments and assess their influence upon the needs of the security establishment and the defense budget."
Last month Olmert announced that US has increased annual military aid to Israel from US$ 2.4 billion to US$ 3 billion, to ensure that Israel remained superior to the Arab states on the war front.
"A detailed and explicit commitment was given to ensure our qualitative military edge over the Arab states," the Israeli leader said.
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