Israel to raise defence spending to meet security challenges
The budget agreement will allow the Defence Ministry to "advance urgent and essential procurement deals critical to national security," the ministries said in a statement.
Finance Minister Bezalel Smotrich said the new defence budget "fully covers the intense fighting in Gaza, alongside comprehensive security preparations for all threats - from the south, the north, and more distant arenas."
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Audiologists: New $99 German Hearing Device Sweeping Canada
risinghealthtrends
Learn More
Undo
Israel's military costs have surged since it launched its military offensive on Gaza following the deadly attacks by Hamas militants on Israel on October 7, 2023.
Since then, Israel has also fought Hezbollah in Lebanon and waged a 12-day air war with Iran, and carried out airstrikes in Syria this week after vowing to destroy government forces attacking Druze in southern Syria and demanding they withdraw.
Live Events
Over the past 21 months, Israel's missile defence systems have been working almost daily to intercept missiles fired by Hezbollah, Iran and Houthis in Yemen.
Current annual defence spending is 110 billion shekels - about 9% of gross domestic product - out of a total 2025 budget of 756 billion shekels.
The extra budgetary funding "will allow the Defence Ministry to immediately sign procurement deals for the weapons and ammunition required to replenish depleted stocks and support the IDF's ongoing operations," said Amir Baram, director general of the Defence Ministry.
It would also enable the defence establishment to initiate development programs to strengthen the Israel Defence Forces' qualitative edge for future systems, he said.
MULTIPLE SCENARIOS
Defence Minister Israel Katz said the funds would allow Israel to prepare for multiple scenarios since "enemies are openly declaring their intent to destroy us...For this we require complete military, technological and operational superiority."
Separately, the Defence Ministry said it had signed a deal with state-run
Israel Aerospace Industries
(IAI) to accelerate serial production of Arrow interceptors.
The Arrow, developed and manufactured in cooperation with the U.S. Missile Defense Agency, is a missile defence system designed to intercept and destroy ballistic missiles.
The Arrow had a high interception rate during the conflicts with Hamas and Iran. As part of the deal, IAI will supply the military with a significant additional amount of Arrow interceptors.
"The numerous interceptions it carried out saved many lives and significantly reduced economic damage," Baram said.
On Wednesday, the ministry signed a $20 million deal with Israel Weapon Industries (IWI) to supply advanced machine guns aimed at significantly enhancing the IDF ground forces' firepower capabilities.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
21 minutes ago
- Time of India
‘Israel Weaponising Hunger In Gaza': Over 1000 Rabbis Slam Netanyahu For Violating Jewish Values
More than 1,000 rabbis and Jewish scholars worldwide have publicly accused Israel of weaponizing hunger in Gaza through severe restrictions on humanitarian aid. They signed an open letter urging Israel to allow extensive humanitarian relief into Gaza while preventing diversion to Hamas. The letter warns that withholding food, water, and medical supplies contradicts core Judaic values and declares the Jewish people face a grave moral crisis. The rabbis demand urgent efforts to secure the release of hostages and an end to the fighting in the enclave. The letter, published recently, has rapidly gained signatures from rabbis across the US, UK, EU, and Israel. #GazaAid #JewishVoices #EndStarvation #HumanitarianCrisis #IsraelGazaConflict #RabbisForPeace #MoralCrisis #FreeTheHostages Read More
Time of India
34 minutes ago
- Time of India
NBA legend Stephen Curry admitted seeking words of advice from former President Barack Obama
Stephen Curry and Barack Obama. Image via: Getty Images It is a tradition in the NBA for the players to reach out and seek some advice from some of the great personalities. Players such as Kobe Bryant and LeBron James have also reached out to famous personalities such as Michael Jordan and Hakeem Olajuwon. They have to do this to improve their skills and gain a better knowledge about the game, and an improved perspective about life. NBA legend Stephen Curry also hopped into the trend, but the Warriors' star chose to reach out to someone beyond Sports. He sought out Former U.S. President Barack Obama for some advice. The 44th President of the United States has his own way of interacting with people. He even has a thing for basketball, it seems, and admires Stephen Curry. Stephen Curry admitted that he once reached out to ex-President Barack Obama for a piece of advice The 44th POTUS has a different notion when it comes to addressing the nation. His soothing voice is liked by people all over the world. It wasn't easy for the Warriors' icon to reach out to Barack Obama. However, from what he recalled, he had a decent amount of conversation with him, and that seemed to change everything. Stephen Curry On Drake Loyalty, Retirement Date & Trash-Talking Kobe | 360 With Speedy With time, Stephen Curry built a strong connection, and he managed to approach him for some advice. 'President Obama's been an unbelievable voice for me in terms of certain things,' Stephen Curry said on 360 With Speedy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Live Update: The Strategy Uses By Successful Intraday Trader TradeWise Learn More Undo 'I can just call him, ask a question.' 'How did you communicate?' asked the host. 'As you can imagine, there are levels to what it means to be a part of the Obama Family', the Warriors star replied. 'But they're accessible, let's put it that way. ' A closer look at the interview that featured Stephen Curry on 360 with Speedy Stephen Curry admitted how he has a deep connection with the Obama Family. He also stated how the former President hyped him up on the court. 'He's always hyping me up on the court', said Stephen Curry. 'To have something that we get to do with Michele and something she's passionate about for a while … That's a big deal. It's still surreal to even talk like that. But that's good people to be partners with,' Stephen Curry said, mentioning Michelle Obama , the former First Lady. Barack Obama has an unwavering love for basketball One might wonder why Stephen Curry could have probably approached the former U.S. President for Sports advice. They should know that Barack Obama is a hardcore basketball fan. He appeared on the court side to support one of his favorite players, Stephen Curry. He may have never played a game in the NBA, but he surely has a deeper insight into what it actually looks like. This is the exact reason why Stephen Curry approached him in the first place. Also read: Injured Angel Reese receives unexpected praise from Indiana Fever coach Stephanie White FAQs Why did Stephen Curry approach Barack Obama? Stephen Curry approached Barack Obama for some words of advice. Who is Barack Obama? Barack Obama is the 44th POTUS of the United States. For which team does Stephen Curry play? Stephen Curry plays for the Golden State Warriors of the NBA. Catch Rani Rampal's inspiring story on Game On, Episode 4. Watch Here!
Time of India
36 minutes ago
- Time of India
India's revenue foregone in first year of trade pact with UK estimated at Rs 4,060 cr: GTRI
India is expected to forego customs revenue of Rs 4,060 crore in the first year of the free trade agreement with the UK, as tariffs are reduced or eliminated on a wide range of goods, think tank Global Trade Research Initiative ( GTRI ) said on Monday. The calculation is based on the current import figures from the UK. Explore courses from Top Institutes in Please select course: Select a Course Category MBA Public Policy Operations Management Digital Marketing Product Management Artificial Intelligence Management Data Science CXO Finance healthcare Data Science Design Thinking Project Management Cybersecurity MCA Degree Data Analytics Others Healthcare Leadership PGDM Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details By the tenth year, it said, as tariff elimination phases-in more broadly, the annual loss is projected to rise to Rs 6,345 crore or around British Pound 574 million, based on FY2025 trade volumes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If you have a mouse, play this game for 1 minute Navy Quest Undo The India-UK free trade agreement , which was signed on July 24, will lead to a loss of customs revenue for both the countries, as tariffs are reduced or eliminated on a wide range of goods, GTRI added. India imported USD 8.6 billion worth of goods from the UK in 2024-25. Live Events Industrial products make up the bulk of these imports and face a weighted average tariff of 9.2 per cent. Most agricultural products, subject to much higher average tariffs of 64.3 per cent, were excluded from tariff cuts, except for items like whisky and gin. It said that India has committed to eliminating tariffs on 64 per cent of the value of imports from the UK immediately as the implantation starts. Overall, India will eliminate tariffs on 85 per cent of tariff lines and reduce tariff on 5 per cent of tariff lines or product categories. "Based on these factors, India's revenue foregone in the first year of the agreement is estimated at Rs 4,060 crore," GTRI Founder Ajay Srivastava said. He added that the UK imported USD 14.5 billion worth of goods from India in the last fiscal year, with a weighted average import tariff of 3.3 per cent. Under the comprehensive economic and trade agreement (CETA), the UK has agreed to eliminate tariffs on 99 per cent of Indian imports. "This translates to an estimated annual revenue loss of British Pound 375 million (or USD 474 million or Rs 3,884 crore) for the UK, again based on FY2025 trade data. As Indian exports to the UK expand, the fiscal impact is likely to grow over time," it said. The implementation of the pact may take about a year as it requires approval from the UK parliament.
