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Philippines Eyes Swedish-Backed Export Credit Framework
- Sweden's government approved a 300 billion kronor boost in defence spending announced in March, with support from all parties in parliament on Thursday.
- This decision came in the wake of Sweden joining NATO in March last year and was influenced by concerns stemming from Russia's comprehensive military assault on Ukraine in 2022.
- The boost will raise Sweden's defence spending from 2.4 to 3.5 percent of GDP by 2030, financed mainly through loans under a government-backed export credit system.
- Finance Minister Svantesson emphasized that the investment aims to prevent future generations from needing to adopt Russian, highlighting an exceptionally wide-reaching agreement across parliament.
- The Philippines is investigating how Sweden’s export credit system could assist its defense sector by providing full financing options, extended repayment schedules, and adaptable payment conditions.
12 Articles
12 Articles
Sweden to Ramp Up Defence Spending to 3.5% of GDP
Sweden will borrow 300 billion kronor (€27 billion) under a plan agreed by the government and opposition on Thursday, June 19th, securing funding for rearmament and ensuring NATO’s newest member will reach a spending target of 3.5% of GDP on the military by 2032. The bulk of the money—250 billion kronor—will go to the military with 50 billion to be spent on civil defence and infrastructure. “We are doing this so our children and our grandchildre…
All Swedish parties back 300 billion kronor boost to defence spending
Sweden's government said on Thursday it had gained the support of all parties in parliament for a massive boost in defence spending, as the United States pressures Europe to take more responsibility for security.
Sweden stands out as a country in Europe when it comes to the united effort to upgrade its defense, according to Kjell Engelbrekt, political scientist at the Swedish National Defense University. “It is a strength in the defense context,” he tells TT.
All parties in the Riksdag support a historic upgrade of the Swedish defense. In total, an additional 300 billion kronor will be invested.
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