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OTTAWA — Prime Minister Mark Carney announced Canada will meet its NATO commitment of spending two per cent of GDP on national defence this fiscal year, half a decade ahead of schedule.
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Carney laid out the new security and defence investment plan in a speech at the University of Toronto Monday morning.
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The new measures would enable Canada to meet the North Atlantic Treaty Organization’s current target of spending 2 per cent of gross domestic product on defence in the 2025-2026 fiscal year.
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Canada has long been under pressure from its allies — particularly the United States — to increase its military budget, which currently lags behind most other NATO members on the spending target. Last year, Canada spent just 1.4 per cent of GDP on defence.
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Monday’s announcement marks 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.
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More to come …
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Additional reported by Bloomberg
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