Lithuania to boost arms procurement with €130 million investment

Lithuania is set to allocate an additional €130 million for arms procurement by the end of 2024, raising its defence spending to 3.2% of its gross domestic product (GDP) annually.

This decision was announced in a Finance Ministry statement released on August 13, Caliber.Az reports via Lithuanian media.

The draft resolution, signed by Finance Minister Gintarė Skaistė, outlines plans to allocate these funds to the Ministry of Defence through borrowing. The money will expedite the acquisition of unmanned aerial vehicles, anti-drone systems, armaments, and upgrades to existing mobile air defence systems, as well as the purchase of new systems.

“This investment will accelerate the development of our national division and equip the Lithuanian Armed Forces with essential resources. Additionally, part of the funds will be allocated for military equipment produced in Lithuania, which is also needed in Ukraine,” Skaistė stated.

The Ministry of Defence requested these additional funds, and if approved, the total additional funding for the Defence Ministry this year will amount to €323 million. The proposal will be discussed at the upcoming cabinet meeting, as noted by the Finance Ministry.