Canada on Thursday unveiled Can$8 billion (US$6.4 billion) in additional military spending over five years in its new budget, in response to Russia's invasion of Ukraine, but missed the NATO spending target of two percent of GDP.

Russian President Vladimir "Putin's invasion of Ukraine has reminded us that our own peaceful democracy -- like all the democracies of the world -- depends ultimately on the defense of hard power," Finance Minister Chrystia Freeland said.

"We know that freedom does not come for free, and that peace is guaranteed only by our readiness to fight for it," she said.

"That is why this budget makes an immediate, additional investment in our armed forces, and proposes a swift defense policy review to equip Canada for a world that has become more dangerous."

According to NATO, Canada currently spends 1.36 percent of GDP on the military, down slightly from just a few years ago.

To meet the NATO target, Ottawa would have to set aside significantly more for defense -- at least 0.5 percent of GDP -- according to experts and parliament's independent fiscal watchdog.

Freeland suggested Ottawa could still close that gap soon, proposing "a swift defense policy review to equip Canada for a world that has become more dangerous."

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EU proposes 500 million euros more for arms to Ukraine
Brussels (AFP) April 7, 2022
European Council chief Charles Michel on Thursday backed a proposal to release an additional 500 million euros ($540 million) to provide arms for Ukraine. "Once swiftly approved this will bring to 1.5 billion euros the EU support already provided for military equipment for #Ukraine," Michel tweeted, also thanking EU diplomatic chief Josep Borrell for proposing the extra funding. The proposal was agreed on Thursday by the 27 EU nations at ambassador level. The EU has already agreed a 1 billi ... read more