Denmark to allocate additional $6.98b to bolster defense

The Danish government announced on Wednesday that it will allocate an additional 50 billion Danish kroner (6.98 billion U.S. dollars) over the next two years to accelerate the strengthening of its defense forces, raising the country's total defense spending to more than 3 percent of its GDP, reported Xinhua.

Foreign Minister Lars Lokke Rasmussen said the current security situation underscores the need for his country to invest in defense at a much faster pace. "All European countries must take greater responsibility for security in Europe," he said in a statement. "That is what Denmark is doing today."

According to the statement, Denmark aims to fast-track investments in critical defense capabilities. The fund may also be used to provide additional military support to Ukraine. The proposal further includes a reorganization of certain authorities within the Danish Ministry of Defence and Defence Command, as well as measures to streamline decision-making processes.