German government agrees to double defense spending by 2029 — Bloomberg

The German government has decided to almost double its defense budget by 2029 due to the threat from russia.

Bloomberg reported this, citing its own sources.

An unnamed government official said that the government wants the country's defense budget to increase from the current EUR 86 billion to EUR 162 billion by 2029.

The increase in defense spending will be gradual. In 2026, it is planned to allocate EUR 118 billion for it, in 2027 - EUR 130 billion, in 2028 - EUR 146 billion.

According to him, EUR 9 billion will be taken from these funds each year and transferred to the defense needs of Ukraine.

As the Ukrainian News agency earlier reported, on July 24, Reuters wrote that, amid growing aggression from russia, the German army is rapidly rearming, involving startups developing advanced weapons systems.

Earlier in July, we wrote that Germany and the United Kingdom will sign a mutual defense treaty, which includes a clause on mutual military assistance in the event of an attack.

Recall, German Defense Minister Boris Pistorius said that Berlin wants to buy ground-based Tomahawk missile launchers to deter russia.

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