Norway shares a border with Russia in the Arctic. It has
never been at war with its eastern neighbour.
(Reporting by Terje Solsvik, editing by Anna Ringstrom)
(Adds quote, detail)
OSLO, May 2 (Reuters) - Norway aims to raise its defence
spending to at least 2% of gross domestic product (GDP) by 2026,
in line with a long-held goal among members of the NATO
alliance, Prime Minister Jonas Gahr Stoere said on Tuesday.
Norway's defence spending is this year expected to amount to
just over 1.4% of GDP, according to the government's budget
projections.
Norway's spending on defence as a share of overall economic
activity declined following the end of the cold war, but the war
in Ukraine has shown the need for a stronger military, the
government said.
"We have to pay a higher insurance premium. We need to
spend a greater share of our common resources on defence,
security and preparedness," Finance Minister Trygve Slagsvold
Vedum told a news conference.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.