#AceFinanceNews – STOCKHOLM – April 28 – Following the crisis in Ukraine, Sweden’s government has proposed increasing the Nordic country’s military spending by 5.5 billion Swedish kronor ($830 million) a year.
The four-party centre-right coalition said Tuesday it is deeply concerned by the recent events in Ukraine and wants to raise the military outlays gradually in coming years to reach the proposed figure by 2024.
Among other things, it wants to buy 10 more fighter jets and two more submarines to improve the defence of the Baltic Sea and the island Gotland.
After the Soviet Union collapsed in 1991, Sweden’s defence budget was slashed and its military emphasis shifted toward international peacekeeping operations. Now, however, both the left-leaning opposition and the government agree that the country’s military readiness is inadequate.