PNN – In a joint statement, the Israeli Ministry of War and Finance announced a significant increase in Tel Aviv’s “defense” budget, citing the costs of the 12-day war with Iran as well as the ongoing war in Gaza.
According to the report of Pakistan News Network, citing Bloomberg, the Israeli Ministry of Defense and Finance, in a joint statement, referring to the growing security challenges after the 12-day war with Iran and the ongoing war in Gaza, plan to significantly increase Tel Aviv’s defense budget.
According to the statement, the Israeli defense budget for this year and 2026 will increase by 42 billion shekels ($12.5 billion).
A joint statement from the Israeli Defense and Finance Ministries stated that this budget agreement will enable the Israeli Defense Ministry to quickly proceed with urgent and essential procurement transactions that are vital to Israel’s security.
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This budget increase was approved at the same time as the Israeli regime is engaged in several regional fronts, including the ongoing war against Hamas in Gaza, Hezbollah in southern Lebanon, as well as last month’s attacks on Iran.
According to Bloomberg, Israel has also intensified its airstrikes in Syria, hitting targets near the presidential palace and the defense ministry in central Damascus. Meanwhile, airstrikes against Yemen’s Houthi (Ansarullah) positions are also on Tel Aviv’s agenda.
As part of this decision, the Israeli Ministry of Defense announced the signing of a large-scale purchase contract for Arrow missiles. These missiles, estimated to cost between $2 and $3 million each, were widely used to intercept approximately 500 ballistic missiles fired from Iran into the occupied territories.
The statement did not provide further explanation on how the rest of the defense budget will be divided between this year and next year.
According to Bloomberg, the 12-day war with Iran largely crippled Israel’s economy and caused billions of dollars in damage to its infrastructure, including oil refineries.