The Swedish government has released its 2024 budget bill, which proposes an added military defense funding of about $63 million.
The increase, considering final adjustments, would add over $2.43 billion to the Swedish defense budget, an increase of 28 percent at $10.72 billion from $8.24 billion in 2023. This doubles the country’s military appropriations since 2020 and makes Sweden compliant with NATO’s guideline for members to spend 2 percent of their GDP on defense.
Sweden plans to allocate $7.92 million of the 2024 budget to a military innovation and program, under the direction of the armed forces, that will tap the growing technological advances in the private sector. The Swedish Defence Research Agency is lined up for funding in the 2024 budget so that it can keep pace with emerging technologies.
Major investments in defense materiel provided in the bill include artillery systems, tactical transport aircraft and new surface combat vessels. Sweden, as a NATO member, also plans contributions to the NATO Innovation Fund in support of startup growth and development.
The budget bill also provides estimated additional military funding of $108 million in 2025 and $666.3 million in 2026.