VILNIUS, Aug. 13 (Xinhua) -- Lithuania will increase its defense spending by 130 million euros (142 million U.S. dollars) this year for weapons systems procurement, the Ministry of Finance announced on Tuesday.
With this additional funding, Lithuania's defense spending in 2024 is set to account for 3.2 percent of the country's gross domestic product (GDP), according to a statement from the ministry.
A draft resolution signed by Minister of Finance Gintare Skaiste calls for borrowed funds to be used to accelerate the Defense Ministry's procurement of drones, anti-drone systems and other weaponry, and to upgrade existing mobile air defense systems and acquire new ones, the Baltic News Service (BNS) reported.
Skaiste noted that this funding would accelerate the development of the national division and equip the Lithuanian Armed Forces with essential military hardware. ■
