Sweden Plans $30 Billion Military Spending Hike Through 2035

Sweden unveiled plans to spend an extra 300 billion kronor ($30 billion) on its armed forces during the next decade to shore up the defenses of the NATO bloc’s newest member.

The “loan-financed investment,” announced by Premier Ulf Kristersson in Stockholm on Wednesday, would lift the defense spending of the largest Nordic nation to 3.5% of its economic output by 2030, versus the previous target of 2.6%, from last spring.