BUCHAREST, Oct 26 (NNN-XINHUA) – Romanian President, Klaus Iohannis, reiterated yesterday, his country’s intention to increase defence spending by 0.5 percentage point, to 2.5 percent of gross domestic product (GDP) in 2023.
The aim is “to increase the Army’s ability to carry out its entrusted missions, and thus give Romania even more credibility in playing its part as a regional security pillar,” Iohannis said, at a ceremony marking Romanian Armed Forces Day.
According to him, allocating two percent of GDP for defence, as established in 2017, “has facilitated the increase in investments, the provision of equipment, as well as, the necessary funds for preparation and training for better interoperability with allies.”
Also yesterday, the Supreme Council of National Defence (CSAT), Romania’s top executive body, approved plans to update the “Army 2040” programme, which aims to develop the country’s military capabilities.
Romania is one of the European countries that meets the minimum criteria of spending two percent of its GDP on defence, set for members of the North Atlantic Treaty Organisation (NATO).
The proposal to further increase the ratio of defence expenditure to GDP was first tabled by the head of state at a CSAT meeting on March 1, this year.
Romania’s GDP was 284.09 billion U.S. dollars in 2021, according to the World Bank, and the International Monetary Fund expects the country’s economy to grow 4.8 percent in 2022, and 3.4 percent in 2023.– NNN-XINHUA
