Details revealed: Sweden to increase defense spending by $30 billion over the next decade

Sweden is planning an increase in defense spending to 3.5 percent of its GDP, in line with what the country's prime minister expects to be a new NATO-wide spending target.

Ulf Kristersson told a press conference that his "qualified assumption" is that NATO would set the 3.5 percent target at the alliance summit in July.

And Sweden is already planning to reach this point "within five years," he said, foreign media write, according to the Telegraph.

Stockholm's move, however, comes at a hefty cost of 300 billion SEK (about $30 billion – or about 28 billion euros), which the country plans to borrow if the proposal is approved by parliament.

The legislation will be introduced on April 15 and voted on by June 20, a government spokesman said.

Sweden's current defense spending is at 2.4 percent of GDP – already above NATO's 2 percent target – with plans to increase it to 2.6 percent by 2028.

While the ruling Moderate Party has a coalition with the Sweden Democrats in parliament, they aim to seek broad support for the initiative.

Kristersson was candid about his motivations, acknowledging that the increase is partly aimed at maintaining strong relations with the United States.

"I don't want us to act in a way that undermines the possibility of transatlantic cooperation. But we also can't assume or take for granted that the United States will continue to act in Europe as it has for the last 80 years," he said, adding that some statements and moves by the Trump administration are "quite difficult for us in Europe to understand right now."

"This would represent a significant strengthening of the European NATO. Let's not forget that it is the European NATO that is being tested now," Kristersson added.

It is too early to specify how the funds will be allocated, although it is assumed that it will include drones, air defense systems and ammunition. /Telegraph/