04.04.2012
Spain plans to curtail its military budget on 12-14% in 2012, reports Jane's Defense Weekly referring to national defense minister Pedro Morenes.
At the same time, participation in international operations will remain "absolute priority" for new government, said Morenes.
According to him, reduction of military expenditures goes with financial cuttings in other ministries. Through recent four years, arms procurement costs have been reduced from EUR 2.2 bln ($2.9 bln) down to $750 mln.
In this regard, Spanish defense ministry is about to re-negotiate costs of long-term contracts and purchase of new equipment, as well as partially revise some projects currently executed.
In fiscal year of 2011, Spanish defense budget was about EUR 7 bln. Adoption of budget 2012 was postponed in order to let new government conduct economy campaign in accordance with EU requirements.
