Military

German Defense Budget to Reach $86Bln by 2028 to Meet NATO Target

MOSCOW (Sputnik) - Germany will reach NATO's 2% defense spending target by 2028, growing its annual military budget to 80 billion euros ($86.6 billion) from the current 52 billion, Chancellor Olaf Scholz said on Friday.
Sputnik
"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. From 2028, meaning after the special fund will be fully spent, the regular defense budget will be 80 billion euros to ensure that the 2% target will continue to be met," Scholz told a news briefing.
The special fund was set up at Scholz's initiative following the start of the Russian military operation in Ukraine. The one-off initiative unlocked 100 billion euros worth of investments for the national defense forces.
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