Fiscal year 2009, which will begin on October 1st, 2008, will be the initial year in a ten year plan for US military aid to Israel under an MOU signed by the countries last year.
According to the new US-Israel aid plan, Israel will receive a total of $30 billion in military aid over the next ten years starting in 2009, with the amounts gradually increasing from $2.55 billion to a ceiling of $3.1 billion as of 2013 and throughout the plan. The provision of the funds is subject to US congressional approval, as are all budgetary laws.
As with previous aid packages, Israel may use up to 25% of the funds for purchases of military equipment and arms from local defense industries. The remaining 75% must be used for arms purchases from the US.
The aid for 2009 will also include an additional $30 million for assistance with immigration absorption.
US president George W. Bush submitted on Monday the thousand page 2009 fiscal year budget to the congress, in which he recommends approving $3.1 trillion in federal expenses, and a deficit of $407 billion. This will be the first time in US history where the budget exceeds $3 trillion.
Published by Globes [online], Israel business news - www.globes-online.com - on February 5, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments