Italy Plans Gradual Hike in Defense Spending

Italy is set to gradually increase its defense budget once it exits the European Union's excessive deficit procedure, as disclosed by Defense Minister Guido Crosetto. The plan includes incremental hikes in the defense budget over the next years to align with NATO's spending targets.

Italy is planning a gradual increase in its defense budget, contingent on exiting the European Union's excessive deficit procedure, as stated by Defense Minister Guido Crosetto on Wednesday.

The strategy places Italy on track to meet the higher spending targets outlined by NATO, with the country's economy minister pledging specific budget increments in the coming years.

Speaking during a parliamentary session, Crosetto shared details of the financial blueprint, revealing increments of 0.15% next year and 2027, followed by a 0.20% increase the subsequent year, ensuring compliance with NATO obligations.

(With inputs from agencies.)