The Government of Sweden has agreed to increase the nation’s defence budget by SEK8.1bn ($999.2m) over the next three years.
The SEK2.7bn ($333m) increase in defence budget annually for the years 2018-2020 follows an agreement signed between the government and the Moderates and the Center Party.
Of the agreed budget, close to SEK1.3bn ($160.4m) will be spent on civilian defence, and more than SEK6.8bn ($838.8m) has been allocated for the military defence.
As per the agreed terms, the government seeks to strengthen the Swedish Armed Forces and ensure the overall capability of the Swedish Total Defence.
Sweden Defence Minister Peter Hultqvist was quoted by Reuters as saying: “We are seeing increased military and intelligence activity in our region.
“This (extra money) … sends an important signal to the world around us and is good for Sweden.”
The proposed budget will be used to rebuild military strength after years of under investment and greater demands on its operational capabilities, Reuters reported citing Sweden’s military.