Sweden plans to increase its defence spending to 3.5% of GDP, Prime Minister Ulf Kristersson announced on 26 March.
“Sweden and Europe are facing a completely new security environment. That’s why today we unveiled Sweden’s largest military rearmament plan since the Cold War,” he wrote on social network X (Twitter).
According to Kristersson, his country’s defence spending is already above 2%, but that is not enough. He called Stockholm’s goal to push for the top figure at the NATO summit in The Hague.
“Today we presented an ambitious plan to raise Sweden’s defence spending to around 3.5 per cent of GDP by 2030. The plan includes loan-backed investments worth approximately SEK 300 billion (more than 27.7 billion euros – ed.),” the prime minister added.
EU leaders on March 6 at a summit in Brussels approved plans to sharply increase military spending after the US presidential administration made it clear that Europe would have to rely on its own forces for future defence.
EU states approved the relaxation of budgetary restrictions that allow for increased military spending. The European Commission estimates that 650 billion euros could be freed up in this way.
The summit participants also adopted the European Commission’s proposal for a loan fund for EU countries for 150 billion euros for further investments in defence.
US President Donald Trump has repeatedly urged NATO members to spend more on defence, complaining that European countries do not pay enough for their own defence and often questioning the long-term viability of NATO.