Canada Ramps Up Defense Spending: A New Era Against Old Dependencies
Canada, under Prime Minister Mark Carney, aims to meet NATO's 2% defense spending goal by this fiscal year, boosting military funding significantly earlier than planned. In response to U.S. demands and internal pressures, Canada will spend an additional C$9 billion on military upgrades and new equipment.
Canada has announced plans to significantly increase its military spending, pledging to meet NATO's 2% fiscal target this year, five years ahead of schedule. This move comes amid ongoing pressures from the United States and NATO allies who have criticized Canada's defense budget.
Prime Minister Mark Carney, addressing a gathering in Toronto, emphasized the urgency of revamping Canada's military capabilities. He announced the government's intention to increase military spending by an additional C$9 billion, which aims to modernize equipment and reduce dependency on U.S. military support.
The decision to boost military expenditure arises as Canada grapples with rising budget deficits. While Carney has ruled out tax cuts, ongoing spending cuts are planned—and with the United States signaling a potential retreat in international defense collaboration, Canada is keen to establish stronger ties with European defense industries.
(With inputs from agencies.)
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