BAKU. May 10 (Interfax) - Azerbaijan will increase defense funding while reviewing national budget parameters for this year, Azerbaijani President Ilham Aliyev said.
"Our work on army development has always been systemic, and this work is continuing. We did not stop after the Second Karabakh War: quite the opposite, we are moving on. This year's budget will be augmented, and a substantial part [of additional expenses] will go towards defense purposes," Aliyev said in an address to the nation on Wednesday.
"Why is that? Because we must always be prepared. Threats are mounting, risks are growing, and we must be able to deal with any threat," he said.
This year's budget allots 5.3 billion manats (over $3.1 billion at the current exchange rate), or 16% of all expenses, for defense and national security.