Sweden backs $31b borrowing to boost defence

Sweden will borrow 300 billion crowns ($31 billion) under a plan agreed by the government and opposition on Thursday, securing funding for rearmament and ensuring NATO's newest member will reach a spending target of 3.5 per cent of GDP on the military by 2032.

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Russia's invasion of Ukraine has forced Sweden to rethink its security doctrine, joining NATO in 2024. Defence spending has already doubled since 2020 to around 2.4 per cent of GDP, but NATO is likely to set a higher target at its Hague summit this month.