ECONOMY

Fivefold increase in defense expenditure

fivefold-increase-in-defense-expenditure

Next year’s budget spending will be reduced by 4.6 billion euros, according to the first draft submitted on Monday in Parliament, but will include €2.5 billion of expenditure for procurements for the armed forces. This is €2 billion more than the 2020 budget.

It will also incorporate the reduction of private sector employees’ social security contributions.

The draft further includes expenditure of €564 million for migration issues, and plans for covering the subsidies to protect the main residence of borrowers hurt by the pandemic and the €200 handout for the hiring of long-term unemployed.