The Norwegian government has proposed increasing spending on the armed forces by 7 billion kroner, after which the country will reach defense spending at 2% of GDP in 2024, NRK reports.
Prime Minister Jonas Gahr Støre said the government proposes to increase spending on the armed forces in the revised budget by 7 billion Norwegian kroner.
“The investments we are making now are investments that we are obliged and able to make, and we should not delay… With what we are announcing today and announced earlier in April, Norway will reach the NATO target of 2% of GDP from mid-2024,” the prime minister noted.
Støre said that investments in the military will include, among other things, updating infrastructure and acquiring air defense equipment.
“Achieving the 2% of GDP target is important to show our allies that we are a reliable NATO country, that we are strengthening our defense, and we can be trusted,” said Finance Minister Trygve Slagsvold Vedum.
The government plans to gradually increase the defense budget over the coming years, aiming for it to reach 166 billion Norwegian kroner by 2036.
