MOSCOW (Sputnik) – Germany’s Chancellor Olaf Scholz announced that the country will boost its annual military budget to 80 billion euros ($86.6 billion) by 2028 to meet NATO’s 2% defense spending target.
“This is about a strong defense, strong armed forces that provide protection from the aggressive rulers of our time. That is why we will fully meet the NATO target of 2% every year,” Scholz stated.
The special fund, initiated by Scholz after the Russian military operation in Ukraine, unlocked 100 billion euros for national defense forces.
Germany’s draft budget for 2025 is set to reach 481 billion euros, with 57 billion euros allocated for investments, according to Finance Minister Christian Lindner.