Military spending in Hungary will reach 1% of GDP in 2018 and the government will make a commitment to raise the rate to 2% by 2024, János Lázár, the head of the Prime Ministerʼs Office, said at his weekly press briefing on Thursday, as reported by Hungarian news agency MTI.
By 2024 the military budget could amount to HUF 1-1.2 trillion, the minister noted.
Lázár said the number of military personnel will increase and equipment will be modernized.
The first step in modernization will be acquiring transportation vehicles in the coming year for around HUF 45-50 billion to improve land and air logistics capabilities.
As a member of NATO, Hungary is bound by the allianceʼs agreement made in 2006 that members must spend at least 2% of their GDP on defense. In 2016, only five of 28 NATO members met the target.