This was stated by Prime Minister Jonas Gahr Stere, writes BNN Breaking.
According to him, the defense budget for 2024 will be approximately 90.8 billion crowns (about $10.2 billion). It is expected that the funds will be distributed in three key areas: increasing the capacity of the Norwegian defense forces, supporting Ukraine and further strengthening the country’s defense capabilities.
Stere emphasized that a significant part of the budget, about 7.5 billion crowns, is proposed to be spent on military support for Ukraine. Since the current government took office in 2021, the defense budget has increased by 40%. The state budget for 2024 will be presented on Friday.
Overall, Norway aims to increase its defense spending to at least 2% of GDP by 2026. According to government forecasts, current spending on the country’s defense will amount to no more than 1.4% of GDP.
The country’s defense spending as a percentage of the total economy has declined since the end of the Cold War. However, recent events, especially the war in Ukraine, indicate the need for a stronger Armed Forces.
- Norway has decided to introduce additional sanctions against Russia in response to military aggression against Ukraine. Thus the country joined the package sanctionswhich were introduced by the European Union.