New Zealand commits major funding in defense overhaul
(MENAFN) The New Zealand government has announced a major four-year defense capability initiative, allocating NZ$12 billion (approximately US$6.68 billion), which includes NZ$9 billion in new funding, to enhance the New Zealand Defense Force (NZDF).
Prime Minister Christopher Luxon revealed the plan on Monday, which aims to increase defense spending to more than two percent of the country's Gross Domestic Product within the next eight years.
According to a New Zealand government statement, the multi-billion-dollar initiative, which will be reviewed every two years, is designed "for a modern, combat-capable NZDF that pulls its weight internationally and domestically."
Luxon emphasized that this strategic framework has a 15-year vision, prioritizing immediate and near-term investments.
Defense Minister Judith Collins noted that the plan specifies the essential resources, equipment and support needed to upgrade the NZDF for current and future missions. (NZ$1 is equivalent to US$0.56).
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