“According to the semi-annual assessment of defence expenditures, their share of GDP at year-end will reach the level of 2.4%,” the Defence Ministry wrote in a press release.
“The level of 2.4% of GDP on defence, which is planned to be achieved until the end of the year, also assumes Polish GDP growth included in the estimates of the Organisation for Economic Cooperation and Development (OECD) of June 8,” the release continued.
The ministry went on to point out that a homeland defence bill had assumed an increase in defence spending to 3% of GDP from next year.
“The new rules also introduced the Armed Forces Support Fund, the establishment of which opens up new pathways to raise finances for modernising the Polish Armed Forces, such as the possibility of bond issues,” the ministry wrote.
The homeland defence bill was prepared by the defence ministry on the initiative of Jaroslaw Kaczynski, a deputy prime minister and leader of the ruling party.
Under the bill, the Council of Ministers is to specify every four years the details of the armed forces’ rebuilding and modernisation for the next 15 years. On the basis of these guidelines and NATO plans, the defence minister is to conduct and manage the armed forces’ development.
The bill provides for defence spending of no less than 2.2% of GDP in 2022 and at least 3% in 2023 and subsequent years. (The First News/Business World Magazine)