Portuguese PM Luís Montenegro: Defense spending to reach 2% of GDP before 2029
The Portuguese government will increase defense spending to 2% of GDP ahead of schedule, Prime Minister Luís Montenegro announced on Thursday. The initial target date had been set for 2029.
In brief
Portugal will reach the level of 2 percent of GDP in defence spending earlier than the assumed 2029 target, Prime Minister Luis Montenegro announced on Thursday. Oversight of the acceleration will be handled by a new commission of the ministers of foreign affairs, defence, finance, cohesion and the economy, and the decision won broad approval from the Council of Ministers. The Prime Minister of Portugal pointed to possible EU funding for drone manufacturers and companies in the maritime and aviation sectors. Portugal's current level of spending stands at 1.5 percent of GDP.
Premier Portugalii Luis Montenegro / fot. facebook.com
Speaking at a press briefing, Montenegro revealed that an interministerial commission will soon be established to oversee a structured increase in military expenditure. The commission will include representatives from the ministries of foreign affairs, defense, finance, cohesion, and the economy.
While Montenegro did not specify the exact year when the 2% threshold would be reached, he confirmed that the accelerated timeline was met with "broad approval" from members of the Council of Ministers during Thursday's cabinet meeting.
- The faster-than-expected increase in defense spending will be overseen by a working group comprised of ministers responsible for foreign affairs, defense, finance, territorial cohesion, and the economy, Luis Montenegro stated.
The prime minister also indicated that the defense budget hike could be partly financed through European Union funds. This approach, he said, would not only support the military sector but also bolster Portuguese defense industry firms, particularly exporters.
Beneficiaries of the funding are expected to include manufacturers of advanced drone technologies, as well as companies operating in the maritime and aerospace sectors.
Back on January 27, during a meeting in Lisbon with NATO Secretary General Mark Rutte, Montenegro had committed to reaching the 2% of GDP target by 2029. At present, Portugal allocates approximately 1.5% of its GDP to defense.
Source: PAP / Gazeta Morska · Compiled by: Marcin Zatyka
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