France plans to double defense spending
Photo: French army to receive additional funding amid heightened threats (Getty Images)
France intends to double its defense budget by 2027, three years ahead of the original schedule. The decision was made in light of the current geopolitical situation, according to Reuters.
France originally aimed to double its defense budget from 2017 levels by 2030. However, President Emmanuel Macron has pledged to reach that target by 2027.
The military budget, which stood at €32 billion ($37.4 billion) in 2017, will rise to €64 billion by 2027. Additional allocations include €3.5 billion in 2026 and €3 billion in 2027.
Macron explained that the accelerated increase in defense funding comes as France seeks to cut €40 billion from its 2026 national budget. These costs will be offset by increased economic activity.
"Our military independence is inseparable from our financial independence," he said. "This will be financed through more activity and more production."
Further details will be presented on Tuesday, July 15, by Prime Minister François Bayrou during a speech outlining the government's 2026 budget plans. The government will face significant political challenges in passing austerity measures through a deeply polarized parliament.
France also aims to reduce its budget deficit to reassure EU regulators and foreign investors.
In January, Macron announced plans to boost military spending and restructure the French Armed Forces significantly. France and the UK are also expanding cooperation on nuclear deterrence.
Earlier this year, Paris formally declared support for Ukraine a top priority in its international partnerships.
