Pakistan, June 24 -- Germany has announced plans to increase its defense spending to 3.5% of its gross domestic product (GDP) by 2029, marking a major step in strengthening its military. Finance Minister Lars Klingbeil revealed the new government's budget plans on Tuesday, ahead of the NATO summit focused on raising defense budgets across member countries.
Chancellor Friedrich Merz's coalition government recently pushed through parliament measures to ease strict borrowing rules. This move will allow Germany to increase defense spending beyond the current limits, helping the country meet NATO's proposed target of 3.5% of GDP, plus an additional 1.5% for defense-related infrastructure.
Klingbeil said that Germany's defense budget will reach...