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Army and Security
Air Force Billions Deal: Defense Department funding request denied
In a discussion with the participation of the Prime Minister and the Ministers of Defense and Finance, it was decided to cancel the purchase financing request by deferring a loan repayment for 2028. This is due to the finance protest, which claimed that the proposed financing outline bypasses the state budget.
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Ministry of Defence
Ministry of Finance
fighter jets
Helicopters
Amir Bohbot
Monday, 02 November 2020, 21:03
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The Ministry of Defense's request to postpone the repayment of a previous loan from 2021 to 2028 to finance the billion-dollar deal to purchase planes, helicopters and armaments has been dropped - Walla has learned!
NEWS Tonight (Monday).
However, after a discussion held by the evening Prime Minister Benjamin Netanyahu, Defense Minister Benny Gantz, Israeli Finance Minister Katz, head of the National Security Council and Meir Ben Shabat Attorney General Avihay Mandelblitt.
As reported in Walla! News, the layout has been criticized by the Ministry of Finance, claiming Because the Ministry of Defense is bypassing the state budget, the parties have decided to continue the dialogue in order to reach agreements on the budgetary sources for the realization of the deal. According to sources involved in the details, the procedure is delaying the deal.
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The firm seeks to defer repayment of a previous loan from 2021 to 2028. F-35
The deal, which includes the purchase of F-35 and F-15 fighter squadrons, KC-46 refueling aircraft, unidentified heavy transport helicopters and advanced armaments, has gained momentum from the Ministry of Defense in recent weeks.
In favor of its funding, the ministry is seeking to defer repayment of a previous loan from 2021 to 2028 - but the Treasury is arguing that the move could lead to billions of dollars in debt that will exceed the budget available to the Ministry of Defense.
In 2014, the Department of Defense was forced to apply for an external loan to realize the Evacuation Squadron deal at the expense of future U.S. aid, and has since suffered an acute funding problem.
The Ministry of Finance then approved the loan and gave guarantees, but after the Ministry of Defense raised the current model, which would increase the existing loan, the Ministry of Finance decided to strongly oppose it.
More on Walla!
NEWS
Finance v Ministry of Defense: Proposal to finance the billion-dollar deal - bypassing the state budget
To the full article
The deal has gained momentum from the Ministry of Defense in recent weeks.
Netanyahu and Gantz (Photo: Shmulik Grossman, Knesset Spokeswoman)
The opposition stems from the fact that in 2028, the $ 3.8 billion-a-year US security assistance contract will end.
The Treasury fears that if the US administration decides to cut the budget, Israel will have to bridge the financial gaps and realize the guarantee in billions of dollars, while exceeding the state budget.
The Ministry of Finance presented the IDF Planning Division and the Ministry of Defense with alternative ways of financing the deal, such as changing priorities within US aid funds. For example, fuel purchases can be postponed or reduced due to the steep decline in training this year. Instead of dollars, or seek the approval of all government ministries to allow for budget overruns in procurement.
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