Agreement reached in European Council to strengthen security by increasing investment in defense - PM Silina

RIGA - An agreement has been reached in the European Council to strengthen security by increasing investment in defense, developing the military industry and providing greater support to Ukraine, Prime Minister Evika Silina (New Unity) said on X.

The prime minister added that an agreement has also been reached to promote Europe's competitiveness by cutting red tape, facilitating access to less expensive energy and supporting financial instruments for investment in innovation.

"There must be no delay, we must urgently move forward with practical steps," said Silina.

As reported, Silina attended the European Council meeting in Brussels, Belgium, on Thursday and Friday.

EU leaders on Thursday broadly welcomed a blueprint from Brussels to help ramp up defense spending to face Russia -- but a raft of countries pressed to go further and deploy joint borrowing, the AFP news agency wrote.

LETA also reported that European Commission (EC) President Ursula von der Leyen presented a plan to mobilize around EUR 800 billion for European defense and help provide immediate military support to Ukraine following the US decision to suspend military aid to Ukraine. The EC presented the details of the plan on Wednesday, which includes a relaxation of budgetary rules to allow countries to spend more on defense and a EUR 150 billion EU-backed lending program.

However, France wants the EU to go further and to borrow together on a larger scale, as the EU did to finance the economic recovery after the Covid-19 pandemic.

Silina called the plan proposed by Brussels a first step. "We are open to more discussions on how to secure even more funds," the prime minister said.