France increases defense budget post-attacks: Hollande

France to raise defense budget by 3.8 bln euros from 2016-2019

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French President Francois Hollande said on Wednesday he would increase the country’s defense budget by 3.8 billion euros over four years from 2016 to ensure the army had the capacity to deal with threats at home and handle overseas operations.

“France is facing threats at home and overseas,” Hollande told reporters. “Security, protection, independence are principles that are not negotiable.”

He said the defense budget in 2015 would remain at 31.4 billion euros ($34.51 billion), but that an extra 3.8 billion euros would be given to the army over the period between 2016 and 2019.

He did not say how the extra costs would be financed.

France will also reduce by more than half the number of army job cuts it initially planned over the next five years to ensure it has the resources to counter terrorism threats at home and abroad, a source at the offices of Hollande said.

"The military budget forecasts 34,000 job cuts, (but) 18,500 will now be preserved," the source said.

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