The Moderate-led government and the Swedish Social Democratic Party have agreed to borrow about €4,600 per Swede of working age for Sweden’s military rearmament – a total of €27.5 billion.
– This will be the biggest rearmament since the Cold War, declares Ulf Kristersson (M).
During a press conference, the leaders of the coalition parties stated that Sweden will spend 3.5% of GDP on the military by 2030 – compared to 2.4% today.
To reach this goal, the Swedish Armed Forces will receive an additional SEK 300 billion (€27.5 billion) – and the investment will be financed through loans.
– It’s about a loan-financed defense investment from this year through 2030 until 2035 that could amount to a total of about SEK 300 billion, confirms Ulf Kristersson.
– A European NATO that reaches 3.5% will be much, much stronger than we are today, the Prime Minister further claims.
More money for Kiev
The money will be used, among other things, to buy military equipment for the Swedish army – but there is also a promise to further increase military aid to Ukraine.
A decision has already been taken to provide Kiev with weapons and other support worth €2.3 billion annually until 2026 – but now the Swedish government wants to use next year’s allocation already this year and add another €1.85 billion.
– We need to do what we can here and now to further strengthen Ukraine’s defense capabilities, says Johan Pehrson (L), Minister of Education.
NATO currently requires member states to spend at least 2% of GDP on their defense – but that requirement is expected to be raised already this summer to somewhere between 3% and 5%, according to analysts.
The background to this is that the Trump administration wants Europe to take greater financial responsibility for the costs of the military pact. The US has also announced its intention to reduce its military presence on the continent, while Russia is increasingly identified by EU leaders as an urgent military threat that Europe must be ready to fight.