The Israeli defence and finance ministers will allocate 58 billion shekels ($17.8 billion) towards the defence establishment in 2022, an increase of $2.15 billion.
Israeli Prime Minister Naftali Bennett, Finance Minister Avigdor Lieberman and Defence Minister Benny Gantz agreed that the major budget increase would enable the military to equip and strengthen itself in light of current "threats".
In addition to this, 750 million shekels ($230 million) will be allocated to the Home Front Command and towards the mental health services in the military, as well as towards the "From Uniform to Studies" scholarship programme that helps pay the college or university tuition of discharged soldiers.
According to an official statement released today: "As part of the understandings, it was agreed that the IDF would be equipped and strengthened according to the threats with emphasis on acquisitions from defense companies that operate in the periphery, the allocation of a NIS 750 million budget to the home front in 2022, the advancement of IDF mental health care reform and full budgeting for the 'From Uniform to Studies' program."
"The prime minister, finance minister and defense minister welcome the agreement and call on all ministers and ministries to reach an understanding as soon as possible in order to approve the state budget in an orderly manner in the government and the Knesset," it added.
Israeli media revealed earlier this month that the occupation army has been pursuing a budget increase worth billions of shekels in order to prepare for a potentially nuclear Iran.
Channel 12 reported unnamed sources in the security establishment accusing former prime minister and current opposition leader Benjamin Netanyahu, of ignoring Iran's nuclear threat as he did not allocate the required funds for adequate preparations.
Gantz said that the "responsible defence budget" will "maintain our security superiority in the face of increasing threats, and safeguard the interests of the State of Israel and other government ministries."
"This is a moral debt that belongs to the whole of Israeli society – and mine personally," he said.