Germany to boost defense spending by $107B

BERLIN (AA) – Germany’s left-liberal coalition government has reached an agreement with the main opposition Christian Democrats to create a €100 billion ($107.8 billion) special fund to modernize the country’s armed forces.

“This is a major step for our country,” Chancellor Olaf Scholz told reporters on Monday, stressing that Germany will now significantly raise its defense spending and meet NATO’s spending targets.

“The German armed forces (Bundeswehr) need this support. And we need a strong, efficient Bundeswehr, not only for us, but also for NATO as a whole. This is a contribution we have to make to the community of NATO allies,” he said.

Scholz had first announced the government’s plan back in February, a few days after Russia’s attack on Ukraine, but he needed the support of the main opposition for the necessary constitutional and legal amendments.