HELSINKI, March 26 (Xinhua) -- Sweden plans to increase its defense spending by 300 billion Swedish kronor (29.8 billion U.S. dollars) through 2035, aiming to raise defense expenditure to 3.5 percent of its gross domestic product (GDP) by 2030, the government announced on Wednesday.

Prime Minister Ulf Kristersson presented the plan at a press conference, calling it "the largest rearmament since the Cold War" and noting that the investments will be financed through loans.

The government said the move reflects a broader effort to strengthen Sweden's and Europe's defense capabilities. This year's financial support to Ukraine will increase significantly, alongside expanded funding for defense equipment, hybrid threat response, and the Coast Guard.

Kristersson said the 3.5-percent target is a reasonable benchmark, in line with NATO's expected future defense spending goal of between 3 and 4 percent of GDP.

According to preliminary NATO data, Sweden spent 2.14 percent of its GDP on defense last year. More recent estimates suggest defense spending has risen to 2.4 percent in 2025. (1 Swedish krona = 0.099 U.S. dollar) Enditem

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