Recent budget cuts have prompted the Israeli military to cancel some of its annual Independence Day events next week.

The navy will not hold the traditional sail along the Mediterranean coast, an event that sees thousands flocking to the country's beaches. The army's deputy chief of staff, Maj. Gen. Yair Naveh, also ordered to cancel the exhibits that take place in several cities in which the public is invited to view the latest military hardware, Israeli daily Yediot Aharonot reported Monday.

"The decision to cancel these events was also received due to security constraints emanating from the changing strategic reality in the Middle East," a defense official told Xinhua on Monday.

He said that the army will consider reinstating the events in the coming years "depending on circumstances."

The air force's traditional flyover, the highlight of Israel's military prowess, will be held according to plans. As well, some 20 bases will welcome visitors as in past years, the army said in a statement.

Israel's military spending, among the highest in per capital term in the world, has been the subject of growing public scrutiny since the summer of 2011, when thousands of Israelis took to the streets to protest against spiraling housing and living costs.

On Monday, however, the Finance Ministry dismissed claims that budget cuts were behind the decision to downsize this year's festivities.

"The public is being misled again with the words 'budget cuts,' " the ministry said in a statement. "The defense establishment's budget for 2011 amounted to 57 billion shekels (about 15 billion U. S. dollars) and will stand at least 60 billion shekels (about 16 billion dollars) this year."