Spain will increase military spending by €1 billion for the coming year. That was decided by the government of Prime Minister Pedro Sanchez on Tuesday. The injection corresponds to an increase of about 7.7 percent.
According to current figures from NATO, Spain spends 13 billion euros on Defence. The planned increase for next year has yet to be approved by parliament. According to the government decision, the money must come from the reserve fund of the state budget.
The new funds are needed to cover “extraordinary expenditures of the armed forces due to the invasion of Ukraine,” the government said in a statement.
Spain spends about 1 percent of its GDP on defense. According to Sanchez, Madrid will reach the NATO target of 2 percent by 2029.
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