Sweden seeks to boost its military spending to over $2.45 billion between 2023 and 2024, putting the nation on track to reach NATO’s required defense expenditure target of 2 percent of gross domestic product.
The European government recently unveiled its defense bill, which identifies the nation’s spending priorities for the next couple of years.
Of the $2.45 billion military spending increase, Sweden plans to spend $63.6 million in 2024 for its future membership at NATO.
The alliance requires officers from member states to manage its NATO structures. For officer training to meet this need, Sweden will increase appropriations to $27.7 million in 2024, up by $2.3 million from 2023.
The 2024 defense bill also includes provisions for defense research and development and commercial technology procurement.
Sweden is preparing to join NATO but the Scandinavian country is still waiting for Hungary and Turkey to ratify its membership bid.