From RIA Novosti:  Ukraine’s 2012 military spending will increase by around 30 percent, to about $2 billion or 1.1 percent of GDP, the Ukrainian Defense Ministry’s financial department said on Wednesday.

The ministry expects to spend about $120 million for purchases and modernization of military equipment, as well as scientific and military design projects, including the production of L-39 Albatros jet trainers and MiG-29 fighter jets. Ukraine’s existing fleet of MiG-29, L-39 and Su-25 close air support aircrafts will also be modernized.  (photo: Ria Novosti)

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