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(Bloomberg) — Prime Minister Mark Carney is set to announce a large increase in defense spending which would allow Canada to meet NATO’s target this fiscal year, according to The Globe and Mail.
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Carney will lay out the new security and defense investment plan in a speech at the University of Toronto on Monday.
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The new measures would enable Canada to meet the North Atlantic Treaty Organization’s current target of spending 2% of gross domestic product on defense in the 2025-2026 fiscal year, before exceeding that in future years, the Globe said, citing people familiar with the matter.
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It would mark a major acceleration from Carney’s previous promises. During the election campaign, he said his government would reach NATO’s target by 2030 or earlier. Last year, Canada spent just 1.4% of GDP on defense.
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In March, Carney said his military spending plan would include higher pay for the Canadian Armed Forces, as well as the acquisition of new equipment and technology. Monday’s announcement will include commitments on artificial intelligence, cyber, quantum and space technologies, the Globe said.
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NATO Secretary General Mark Rutte said members of the military alliance need to deliver a “quantum leap” in their collective defense amid the ongoing threat from Russia. At a summit later this month, NATO members are expected to discuss a new military spending target of 3.5% of GDP by 2032, as well as 1.5% on security-related projects. That follows demands from US President Donald Trump for members to commit to 5%.
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