Canada to increase military expenditures by USD 6.4bn in next 5 years

Canada intends to increase military spending by some USD 6.4 billion (CAD 8 billion) over the next five years, the Department of Finance announced in the Federal Budget.

"To immediately reinforce Canada's national defense, announcements in Budget 2022 will provide a total of more than CAD 8 billion in new funding over five years," the document read on Thursday.

Canada will provide Ukraine with nearly USD 400 million in military aid in the next fiscal, the Department of Finance announced in the Federal Budget.

"Budget 2022 proposes to provide an additional CAD 500 million (USD 397 million) in 2022-23 to provide further military aid to Ukraine," the document read on Thursday.

The Globe and Mail reported that the spending boost comes as Canada has repeatedly warned Russia's invasion of Ukraine threatens the very foundations of the global order underlying its economy and foreign policy since the end of the Second World War.

( With inputs from ANI )

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