JAKARTA - The Swedish government will increase the budget for the armed forces by 26.6 billion kronors ($2.87 billion) by 2026.
"We are now taking the next big step in protecting Sweden's defenses," Swedish Prime Minister Ulf Kristersson told a news conference on Monday, September 15.
"We have increased the defense budget by 100 billion kronors since 2022. This has never happened before, unless we return to the worst times of the Cold War."
The far-right government coalition, which holds the majority in parliament, is scheduled to submit its budget draft on September 22.
This increase represents an 18% increase compared to the 2025 budget and will make Sweden's defense budget reach 2.8% of GDP by 2026, thus approaching a new NATO target of 3.5% of GDP for core defense spending.
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The government estimates the budget will reach 3.1% by 2028.
The increase in funds will be used to purchase new materials, such as air defenses, rocket artillery, warships, and tactical transport aircraft. These funds will also be used to raise the salaries of officers and military service.
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