Sweden to increase its military budget by $2.4bn in 2024
The Swedish government has confirmed that it has proposed to increase funding for the armed forces by more than 27bn Kronor (approximately $2.4bn), RIA Novosti reports
The press release published by the Swedish government reads, “The draft budget for 2024 proposes to increase funding for the armed forces by an additional SEK 700m, which, together with upward adjustments and previous decisions, will lead to an increase in funding of more than SEK 27bn between 2023 and 2024, an increase of 28 percent.”
Thus, funding will double compared to 2020. So, next year Stockholm will fulfil NATO requirements that 2 percent of GDP should be used for defence.
The Swedish Cabinet also plans to increase funding by an additional 1.2bn Kronor (about $108m) in 2025 and by 7.4bn Kronor (about $666m) in 2026.
