Defense spending set to increase in Latvia

  • 2014-07-03
  • From wire reports, RIGA

Defense funding in Latvia will amount to two percent of the countries GDP under new plans, the Latvian government has confirmed.

A new billed pass today by the Latvian government stipulates funding for national security in the amount of at least 1 percent of GDP in 2015, with a goal to raise it to 2 percent of GDP in 2020.

The new bill further allows to Cabinet of Ministers to decide on the redistribution of funds to increase the defense budget.

The objective is to facilitate improvement of state defense capabilities, fulfill Latvia's obligations in regard to NATO's collective defense and to implement long-term projects to improve military capability.

Currently, 0.91 percent of GDP is allotted from the state budget to national defense. In 2013, this index was the third lowest among all NATO member states.