Scholz: Defense spending to exceed 2% of GDP
German Chancellor Olaf Scholz announced on Sunday that Germany will increase its yearly defense spending to more than 2% of its gross national product (GDP) by 2024. He also stated German budget allocation for defense will be increased from €53 billion in 2021 to €100 billion this year.
Sholz added Germany is building two terminals for liquefied natural gas (LNG) in order to decrease Berlin’s dependence on Russian gas in light of Russia’s attack on Ukraine. The chancellor noted Germany is “still open” to talks with Moscow.
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