Germany's Ambitious 2029 Defense Spending Goals

Germany's finance minister commits to raising defense spending to 3.5% of GDP by 2029. The move follows parliamentary approval to loosen debt rules and aims to meet NATO's new targets. This comes amid growing pressure and a pledge by former Chancellor Scholz to increase military funding post-Ukraine invasion.

Germany's finance minister announced a significant increase in defense spending, targeting 3.5% of GDP by 2029. This strategic decision aligns with the new government's commitment to bolstering the nation's military capabilities.

Chancellor Friedrich Merz has already facilitated the legislative process to exceed previous debt restrictions, paving the way for enhanced defense funding. As NATO discussions commence, Germany's ambition is to support the alliance's updated goals.

Criticized for its past spending, Germany took decisive action following Russia's invasion of Ukraine. With Chancellor Scholz promising more funding, including a substantial modernisation fund, Germany aims to build Europe's strongest conventional army.

(With inputs from agencies.)