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Investing.com -- New Zealand has announced plans to increase defense spending by NZ$9 billion ($5 billion) over the next four years, aiming to nearly double the spending as a proportion of GDP to 2% within the next 8 years.
The country’s Prime Minister, Christopher Luxon, made the announcement during the release of the Defence Capability Plan.
Luxon expressed that New Zealand’s current defense spending is insufficient amidst escalating global tensions.
The Defence Capability Plan outlines the allocation of NZ$9 billion of new funding over the coming four years, with the goal of enhancing the nation’s defense capabilities.
This strategic plan is a part of the country’s proactive approach to address the rapidly changing global security landscape.
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