Madrid [Spain], April 23: Spanish Prime Minister Pedro Sanchez on Tuesday announced that the country will increase spending on security and defense by 10.47 billion euros (11.99 billion U.S. dollars) to meet its commitment of spending 2 percent of gross domestic product (GDP) on defense in 2025.
Sanchez spoke at a press conference following Tuesday's cabinet meeting, which approved a national plan for the development and promotion of Spanish security and defense technology. His government will present the plan to the European Union (EU) and NATO for evaluation on Wednesday.
According to him, the additional investment will be used mainly to improve working conditions, training, and the equipment of the country's armed forces; to upgrade telecommunications and cybersecurity; and to buy military hardware and equipment.
Sanchez assured that the increased defense spending would not result in cuts to the welfare state.
"We are going to finance this plan without affecting the pockets of the Spanish people," he said.
Source: Xinhua News Agency
