France's Macron announces plan to accelerate military spending

PHOTO CAPTION: Illustrative photo — A French service member fires at a simulated target during a Combined Arms Live Fire Exercise, or CALFEX, near Arta, Djibouti, Aug. 22, 2022. (Department of Defense photo by U.S. Air Force Staff Sgt. Thomas Johns via U.S. Defense Visual Information Distribution Service)

PARIS  -  President Emmanuel Macron on Sunday announced a plan to push forward France's defence spending, pledging to double the military budget by 2027 - three years earlier than originally planned - in response to a complex geopolitical moment.

France had aimed to double its defence budget from 2017 levels by 2030. However, Macron pledged to reach the target by 2027. A military budget that stood at 32 billion euros ($37.40 billion) in 2017 will rise to 64 billion euros by 2027, with an additional 3.5 billion euros allocated for next year and another 3 billion euros in 2027.

He said the accelerated spending, which comes as France is struggling to make 40 billion euros in savings in its 2026 budget, would be paid for 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."

He said Prime Minister Francois Bayrou would provide more details in an address on his plans for the 2026 budget on Tuesday. Bayrou is facing an uphill battle to steer billions of euros worth of savings through a bitterly divided parliament, as France strives to lower its budget deficit to keep EU bean-counters and foreign investors at bay. 

($1 = 0.8555 euros)

 (Reporting by Gabriel Stargardter and Mimosa SpencerEditing by Ros Russell // REUTERS)