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