Between 2005 and 2007, Venezuela spent USD 4.4 billion in weapons. Climbing military expenses over the past two years not only turned Venezuela into the largest arms buyer in Latin America but put it before Iran and Pakistan, according to Bogotá's daily newspaper El Tiempo.

Such an amount mirrors a disproportionate increase over USD 71 million spent in 2002-2004. In addition, the budget approved for the Defense Ministry in 2008 exceeds USD 3 million, a 21-percent hike in respect of 2007.

"Venezuela is determined to defend its Bolivarian revolution against any attack from foreign foes such as the United States. Therefore, it needs to strengthen its armed forces." This was the rationale provided by President Hugo Chávez in 2005 to substantiate the dramatic military expenditure started from the very beginning in his first term in office in 1999. However, in the opinion of international observers, arms expenditure is well beyond the country's needs; hence their concern.

In 2005-2006, the Venezuelan government procured 33 Russian Mi-17, Mi-35 and Mi-36 choppers for more than USD 200 million. Last year, it bought 66 boats for more than USD 300 million. Also, it expanded its air fleet for more than USD 1 billion and purchased 100,000 assault rifles.