France to raise defence budget from 2016-2019

French President Francois Hollande delivers a speech after a defence council meeting at the Elysee Palace in Paris, France, April 29, 2015. [Photo/Agencies]

PARIS - French President Francois Hollande said on Wednesday he would increase the country's defence budget by 3.8 billion euros ($4.18 billion) 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 defence 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 2016-2019.

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