Our aim if for our arms expenditure to reach 2% of the GDP by 2028, Defence Minister, Vasilis Palmas, told the parliamentary Finance Committee on Friday, adding that to this end they will be submitting supplementary budgets.
Moreover, Palmas told the Committee which discussed the Ministry’s budget for 2025, that they are planning to bring before them in June 2025 a supplementary budget with a view to increase arms expenditure.
The 2025 budget presented by the Minister provides for expenditure amounting to €588.4 million and are and are increased in relation to the 2024 budget by approximately €3.9 million.
For the “Cyprus Army” the budget provides for the amount of €190,590,465, for the “National Guard” €205,987,000 and for the “National Defence” €179,550,000.
Palmas also said that the three pillars on which the policy of the Ministry is based with a view to use the resources at its disposal in the best way are the planning with a view to strengthen the National Guard’s deterrent power and military capabilities, the planning and the implementation of actions to adapt and increase the National Guard’s operational resilience to climate change and the digital transformation and the digital transition of the Defence Minister and the National Guard.
“Both the situation in our region and the general geopolitical developments make it indispensable for us to respond in a serious way and wisely,” Palmas noted, underlining the need for unity and determination with a view to achieve common goals.
Also read: Cypriot Defence Minister met with French Minister of the Armed Forces, in Paris
Source: CNA/KST/MK/EPH
