May 31, 2022
German Parties Agree to $107 Billion Boost in Military Funding
On Sunday (May 29) night, Germany’s ruling coalition reached a deal with its main opposition party on a major increase in military spending.
Shortly after Russia invaded Ukraine in February, German Chancellor Olaf Scholz pledged to increase military spending and proposed a plan to commit $107 billion to a special fund that will be spent over the next five years to bring Germany’s military budget to 2% of its Gross Domestic Product (GDP).
Talks on the increase in spending stalled, but now that the parties have agreed, the $107 billion fund will be brought to parliament and enshrined in Germany’s constitution.
Sony Playstation 5 PS5 Console (disc version) – Ships NEXT Day!
Scholz said the agreement “was the right answer to the turning point that started with Russia’s attack on Ukraine.”
The $107 billion in funding will bring Germany’s annual military budget from about $54 billion to about $75 billion over the next five years.
