DTN News - UKRAINE DEFENSE NEWS: Ukraine Boosts Military Budget By 30%

DTN News - UKRAINE DEFENSE NEWS: Ukraine Boosts Military Budget By 30%
Source: DTN News - - This article compiled by Roger Smith from reliable sources Ria Novosti
 (NSI News Source Info) TORONTO, Canada - January 26, 2012: Ukraine’s 2012 military spending will increase by around 30 percent, to about $2 billion or 1.1 percent of GDP, the Ukrainian Defense Ministry’s financial department said on Wednesday.

The ministry expects to spend about $120 million for purchases and modernization of military equipment, as well as scientific and military design projects, including the production of L-39 Albatros jet trainers and MiG-29 fighter jets. Ukraine’s existing fleet of MiG-29, L-39 and Su-25 close air support aircrafts will also be modernized.

Head of Ukrainian Defense Ministry’s Financial Department Lt. Gen. Yvan Marko said 21 jets, five helicopters and 612 vehicles will be repaired and modernized this year.

Ukraine’s 2012 state defense order will stand at $184 million, four times more than last year, including $54 million to build a corvette-class ship and $13 million for the construction of the Sapsan multifunctional missile system.

Ukraine’s military budget amounted to 0.8 percent of GDP on average over the past few years, substantially less than the average 1.3 percent of other Eastern European states.

Related News

• Ukraine to boost military cooperation with Russia in 2011
• Ukraine to draw up new military doctrine in near future
• Ukraine to make its military leaner but meaner
• Ukraine proposes cutting military by 20%

*Link for This article compiled by Roger Smith from reliable sources Ria Novosti
*Speaking Image - Creation of DTN News ~ Defense Technology News 
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com 
©COPYRIGHT (C) DTN NEWS DEFENSE-TECHNOLOGY NEWS