Libya to spend $4.7 billion upgrading military
Libya is reported to be planning to spend some $4.7 billion, or at least 10 percent of the national budget on upgrading its military forces over the next year, and also purchase fighter aircraft and warships. The national budget was approved by the General National Congress, GNC earlier this month.
The report was published by The National, a United Arab Emirates, UAE daily newspaper that quoted Col. Abdel Nasser Busnina, a senior Libyan air force officer, saying that the new government is prepared to allocate the $4.7 billion in energy revenues to acquire advanced weapons systems.
During a recent arms exhibition in Abu Dhabi, Mr Busnina is reported saying: “We have 2,000 kilometres of Mediterranean coastline to defend and six borders with African countries. We need to rebuild our armed forces. The equipment we have is old and in need of repair."
The GNC is said to be particularly concerned about its porous desert frontiers with Egypt, Niger, Chad, Sudan, Tunisia and Algeria.
After the UN's recent decision to ease the sanctions to allow the new government to buy non-lethal military equipment to help boost security, Libya is determined to improve its security inside and on its borders, and around the country's extensive oil and natural gas resources.
The sanctions had been imposed during the country's eight-month revolution that erupted in February 2011, and that eventually ousted from power after more than four decades the former Libyan dictator Muammar Gaddafi.
The programme to upgrade Libya's military forces could include aircraft, naval vessels and military vehicles provided they remain unarmed.
- Malnourished economy: global hunger leading to $2 trillion loss in world GDP
- Going green: UAE looks to save Dh6.98b a year by 2030 with renewable energy
- Diversify and dump the slump in the GCC
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- Frozen: Arab Spring economies barely trading with one another
- Gulf to upgrade military communications capabilities as Middle East spend set to top USD100 billion by 2014
- Redirecting subsidy spending? France wins $1.35 billion military contract in Egypt
- Boeing delivers modernized CH-47D Chinooks to Egyptian Air Force
- Is a Middle Eastern arms race in the cards? Saudi Arabia surpasses the UK as world's fourth biggest military spender