Bloomberg: Germany expects to achieve its NATO defense spending target in 2024


Germany expects to achieve NATO’s defense spending target by spending at least 2% of GDP on defense this year for the first time in more than three decades.

According to Bloomberg who quoted German Defense Minister Boris Pistorius as saying in a statement on Wednesday, “Security doesn’t come for free… We take our security and defense seriously and we will achieve NATO’s share of 2.1% in this year’s budget”.

As Germany prepares to build its role as the alliance’s central hub in Europe, German Chancellor Olaf Scholz has pledged that his ruling coalition will significantly expand military capabilities even as it presses on a special debt-financed fund for defense spending.

Scholz announced the fund, which reaches a peak of 100 billion Euros ($107 billion), three days after Russia invaded Ukraine in February 2022.

As the data shows, nearly two-thirds of the funds have been allocated.

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