Sweden, defense plan: $30 billion in 10 years - Currently defense spending is 2.4 percent of GDP
Sweden is planning an increase in defense spending to 3.5 percent of its GDP, in line with what the country's prime minister expects to be a new NATO-wide spending target. Ulf Kristersson told a news conference that his "qualified assumption" is that NATO would set the 3.5 percent target at the alliance's summit in July. And Sweden is already planning to reach that point "within five years," he said, foreign media reported.
Stockholm's move, however, comes at a hefty cost of $30 billion - or around 28 billion euros, which the country plans to borrow if the proposal is approved by parliament.
The legislation will be introduced on April 15 and voted on by June 20, a government spokesman said. Sweden's current defense spending is 2.4 percent of GDP - already above NATO's 2 percent target - with plans to increase it to 2.6 percent by 2028.
While the ruling Moderate Party has a coalition with the Sweden Democrats in parliament, they aim to seek broad support for the initiative. Kristersson was candid about his motivations, acknowledging that the increase is partly aimed at maintaining strong relations with the United States. “This would represent a significant strengthening of the European NATO. Let’s not forget that it is the European NATO that is being tested now,” Kristersson added.
It is too early to specify how the funds will be allocated, although it is assumed that it will include drones, air defense systems and ammunition.
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