Bulgaria's Defense Spending to Surpass 2% GDP Target in 2024

Bulgaria's defense spending for this year is set to surpass the minimum 2% of its gross domestic product (GDP), according to acting Prime Minister Dimitar Glavchev. Speaking at the "75 Years of NATO" conference organized by the Atlantic Club in Bulgaria, Glavchev highlighted the country's efforts in meeting its commitments to bolster the deterrence and defense capabilities of NATO's eastern flank.

Glavchev emphasized that Bulgaria is diligently working to modernize its armed forces and steadily increase defense spending. He noted that this year, the country would not only meet but exceed the NATO target, reaching 2.18% of its GDP.

At the NATO meeting in Washington, it was reaffirmed that Bulgaria is a vital part of the Euro-Atlantic family, Glavchev stated. During the forum, it was acknowledged that Russia continues to pose a significant threat to the Alliance, prompting the development of a new deterrence strategy. This strategy requires enhancing both the defense capabilities and resilience against Russian hybrid and cyber actions, particularly along the eastern flank and in the Black Sea region.

Glavchev's remarks underscore Bulgaria's commitment to its NATO obligations and its proactive measures to strengthen regional security amidst ongoing geopolitical challenges.