CREDIT CRUNCH US STYLE

[Diet Coke]

The US Defense Department has approved the sale of 25 F-35 Joint Strike Fighters (JSF) to the Israeli Air Force (IAF), the official Israel Radio reported yesterday.

According to the report, the deal is valued at $15.2 billion and includes an option to buy 50 additional bombers in the coming years. Each plane is estimated to cost between $70 million and $80 million. The report quoted a Pentagon official as saying that the sale of the stealth jets to Israel was in America's national interests and was meant to ensure that Israel maintained its qualitative edge over armies of neighboring countries. A department in the Pentagon, responsible for cooperation with foreign powers, reportedly relayed a message to Congress announcing the approval of the deal, where it is expected to be confirmed within 30 days, before the Nov. 4 US presidential elections.

The sale would be the first to a country outside the US and eight partner nations that are collaborating on the F-35. The jet is still under development and is not yet in service, but the US plans to eventually acquire 2,458 planes for the army, Marines and air force at a cost of $300 billion.

The F-35 was designed as a replacement for a range of warplanes, including the F-16, which is a large component of many air forces worldwide. Countries such as Spain, Singapore and Japan also have expressed interest in the F-35.

Israel has said it plans to buy a fleet of F-35s as it upgrades its military technology. The first batch of 25 would be the variant of F-35 designed for conventional takeoff from military airfields, but the later 50 could include a version that can land vertically.

The Defense Security Cooperation Agency said in a statement that the proposed sale will help Israel "develop and maintain a strong self-defense capability." It also said that sale of the technologically advanced fighter won't upset the balance of military power in the region.

The decision to consider the F-35B, a short takeoff and vertical landing aircraft, was made due to an understanding that in a time of war, Israeli bases and runways will be heavily targeted by enemy missiles.