(MENAFN- AzerNews) By Alimat Aliyeva
Canada's defense spending in the next 20 years will amount to 73billion Canadian dollars ($53 billion), and in the next five years,the country's Defense Ministry will receive 8.1 billion Canadiandollars ($5.88 billion), Azernews reports, citingforeign media outlets.
This is stated in the draft federal budget for the currentfinancial year (began on April 1), which was published by theMinistry of Finance of the country.
"The 2024 budget proposes fundamental investments in theMinistry of National Defense of Canada in the amount of $8.1billion over five years starting from 2024-2025 and $73 billionover 20 years," the document says.
In particular, 1.8 billion Canadian dollars ($1.31 billion) inthe next five years, the Canadian authorities intend to spend onthe formation of a strategic reserve of ammunition, 1.9 billionCanadian dollars ($ 1.38 billion) over the same period will beallocated to maintain the Halifax-class frigates of the CanadianNavy in combat condition, almost 550 million Canadian dollars ($400million) over the next four years will be spent on replacingsatellite equipment, purchasing new helicopters and long-rangemissiles.
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