Sweden to boost defence spending by $1.3 billion in 2025
STOCKHOLM - NATO's newest member Sweden plans to raise its defence spending by 13 billion crowns ($1.3 billion) in the state budget for 2025 to a total of 138 billion, Defence Minister Pal Jonson said on Tuesday.
- by autobot
- Sept. 17, 2024
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STOCKHOLM - NATO's newest member Sweden plans to raise its defence spending by 13 billion crowns ($1.3 billion) in the state budget for 2025 to a total of 138 billion, Defence Minister Pal Jonson said on Tuesday. Military spending will rise in 2025 to 2.4% of GDP from 2.2% this year and is projected to hit 2.6% in 2028, Jonson told a press conference. Moscow's full-scale invasion of Ukraine in 2022 sparked a historic policy U-turn in previously militarily non-aligned Sweden, which this year joined NATO and has vowed to further ramp up military budgets. The centre-right government coalition, which relies on support from the far-right Sweden Democrats, is due to submit its budget bill for 2025 to parliament on Sept 19. REUTERS