Venezuela slashes military budget by 34%

A new report by the Stockholm International Peace Research Institute found Venezuela cut its military budget by 34% last year, leading the region in arms spending cuts.

In contrast, United States political allies Paraguay and Mexico led the region in upping military spending, raising military budgets by 13% and 11%, respectively.

The Americas remains the region with the highest military spending, a fact largely attributable to the US. With an annual military budget of US$610 billion, the US accounts for one-third of global spending, amounting to more than triple the budget of the second highest spender, China.

[Abridged from Venezuelanalysis.com.]

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