The Swedish government announced today that it will increase military spending in the budget for next year by 26.6 billion Swedish kronor (2.44 billion euros), Reuters reported.
"Now we are taking the next big step towards equipping the Swedish" army, Prime Minister Ulf Kristersson said at a press conference, BTA reported.
The ruling right-wing coalition intends to submit its 2026 budget bill to parliament on September 22, Reuters notes.
The Swedish government plans to increase the defense budget by 18% compared to this year. As a result, military spending will reach 2.8% of gross domestic product (GDP), which will bring it closer to NATO's new target level of 3.5% of GDP.
The increase in defense spending will be used for new equipment, such as air defense systems, artillery, warships and tactical transport aircraft. It also includes increases in the salaries of officers and conscripts, Reuters reports.