Defense budget to rise to 2.5% of GDP in Latvia

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On Thursday, April 21, the Saeima unanimously supported the amendments to the Law on Financing National Defence which provides for a gradual increase in funding up to 2.5% of gross domestic product (GDP) for State defense purposes by 2025.

Changes to the allocation of additional funds to the National Armed Forces (NBS) have been encouraged in the light of changes in the security situation regarding Russian military aggression against Ukraine and increasing geopolitical risks, according to the draft text.

In order to strengthen national security and defense and ensure the accelerated development of NBS fighting capabilities, defense funding is projected to be no less than 2.25% of GDP in 2023, not less than 2.4% in 2024, and not less than 2.5% of GDP in 2025 and beyond.

The amendments are expected to enter into force on the day following the announcement.

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