France to reach NATO defence spending target in 2024

France will reach NATO's target of spending 2 per cent of GDP on defence in 2024, hitting the goal earlier than previously forecast, French Armed Forces Minister Sébastien Lecornu announced on February 15.

Paris is dramatically increasing spending. In 2017, France spent €30 billion on its military but it "will eventually reach €69 billion, which allows me to confirm that France will meet the 2 per cent target set by NATO this year," he said, speaking ahead of a NATO defence ministers meeting in Brussels, POLITICO reports.

The French defence budget this year is €47.2 billion and is expected to steadily increase in the next years under the country's seven-year military planning law.

According to previous forecasts, France was initially slated to spend 1.94 per cent of GDP in its defence budget in 2024 and wasn't expected to reach the 2 per cent figure before 2025 at the earliest.

On Wednesday, NATO Secretary-General Jens Stoltenberg announced that 18 NATO member countries are on track to reach the alliance's spending target. He called on the 13 others to help achieve a "fair" burden sharing with the U.S.

Lecornu said that earmarking 2 per cent of GDP for defence is not enough, as that money also has to be directed toward buying more kit. NATO has a target of 20 percent of defense funds going for that purpose while France already spends 30 percent.

"We need to look at the actual share of investment in equipment," Lecornu said.