Netanyahu: Israel needs to increase defense budget

Prime Minister Benjamin Netanyahu says that Israel will need to increase its defense budget by some NIS 20 billion ($5.5 billion) per year, Report informs via The Times of Israel.

Speaking at a ceremony extending the tenure of Bank of Israel Governor Amir Yaron, Netanyahu says that while the defense budget grew in recent years, it had shrunk as a percentage of GDP.

“We cannot continue this policy. From now on, right now, we are required to increase significantly, even absolutely, with a jump of at least NIS 20 billion and also as a higher percentage of GDP to meet our security needs,” Netanyahu says.