Key indicators of military spending, detailed in The Military Balance , an annual study by the International Institute for Strategic Studies, show that the level of militarization in Latin America is very close to levels last seen in the mid-1980s. Additionally, the 13 million personnel under arms in 1997 is almost identical to troop levels in 1985. Defense spending in Latin America has outpaced the region's economic growth. Moreover, Latin America also increased its percentage of the world's arms imports in 1997 and has steadily climbed back towards the six percent share the region held ten years earlier. The majority of the arms imported by Latin American countries were purchased from suppliers outside the region.
Brazil is the only significant weapons producer in Latin America.
Further, had the Asian financial crisis not washed up on the shores of Latin America, weapons spending likely would have been much higher. Several countries put major arms orders on hold due to economic problems, highlighted by Chile's decision to postpone plans to purchase advanced fighter aircraft. The missile is propelled by a solid-rocket motor behind the warhead, and it has a range of 12 nautical miles. Mavericks have been sold to 26 nations. News Briefs Mugabe Buys Russian Arms Zimbabwe President Robert Mugabe has purchased military equipment from Russia to support his government's war effort in the Congo, Reuters reported.