JERUSALEM: Israel will increase defence spending by 42 billion shekels ($12.5 billion) this year and in 2026, the finance and defence ministries announced on Thursday, citing mounting security challenges.
The budget agreement will enable the Defence Ministry to “advance urgent and essential procurement deals critical to national security,” the ministries said in a joint statement.
The funding boost comes as Israel remains engaged on multiple regional fronts, including its ongoing war against Hamas in Gaza, marked by heavy casualties and widespread destruction. As well as cross-border hostilities with Hezbollah in southern Lebanon, and recent strikes with Iran last month in an unprecedented escalation between the two countries.
Israel has also intensified its airstrikes in Syria, targeting sites near the presidential palace and the defence ministry in central Damascus. Meanwhile, it has carried out a series of aerial attacks on Houthi positions in Yemen in response to Houthi attacks.
Agencies