Sweden’s Prime Minister Ulf Kristersson has announced that the country aims to increase its spending on defense to 3.5% of GDP by 2023.
This announcement marks a faster ramp-up of defense spending than initially planned, making it the biggest rearmament since the Cold War.
Speaking during a press conference, Kristersson explained that he believes that NATO will set a goal for member states to spend between 3% and 4% of their GDP, with Sweden aiming for 3.5%.
“It is difficult to know exactly where it will land. We are pushing for it to be high enough to significantly increase the European NATO countries’ ability to defend Europe,” commented Kristersson.
In addition, Sweden will be increasing the country’s aid to Ukraine from its predicted 2025 budget allocation of 25 billion Krona to 40 billion Krona.