Germany assured NATO to increase defense spending to 1.5 pct of GDP by 2024

The German government has assured NATO that it will stick to its aim of boosting defence spending to 1.5 per cent of its gross domestic product by 2024, despite having less wiggle room in its budget, a German security source told Reuters on Wednesday. Germany's envoy to NATO delivered a report to NATO Secretary General Jens Stoltenberg on Tuesday stating this, the source said.

The spending plans had been called into question on Monday after a Finance Ministry document obtained by Reuters showed the government's tax revenues were likely to rise less than expected in coming years due to a slowing economy.

(With inputs from agencies.)