The 300 billion kronor boost over the next decade, first announced in March and due to be finalised in forthcoming budget decisions, will be the nation's biggest rearmament push since the Cold War.
The Nordic country dropped two centuries of military non-alignment and applied for Nato membership after Russia's full invasion of Ukraine in 2022, becoming the alliance's 32nd member in March last year.
US President Donald Trump has demanded Nato allies commit to spending five percent of GDP on defence, and members will try to reach a deal at a meeting next week.
The Swedish investment ‒ which will bring defence spending to 3.5 percent of GDP by 2030, up from the current 2.4 percent ‒ will be financed through loans, Finance Minister Elisabeth Svantesson told a press conference.
Flanked by government colleagues and representatives of other parties, she praised everyone for standing "united" on a plan that is expected to raise Sweden's debt-to-GDP level by three percentage points.
Defence Minister Pål Jonson told the same press conference the "broad consensus" was "virtually unique" in the world.
The Nordic country drastically slashed defence spending after the Cold War ended but reversed course following Russia's 2014 annexation of Crimea.
"To put it bluntly, (the investment) is also about making sure that our children and grandchildren don't have to learn to speak Russian," Svantesson said.
Nato chief Mark Rutte is urging members to commit to 3.5 percent on direct military spending by 2032, and an additional 1.5 percent on broader security-related expenditure.
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