Sunday, June 23, 2024

2022 federal budget: $8 billion for defense, $500 million for Ukraine

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Cole Hanson
Cole Hanson
"Extreme twitteraholic. Passionate travel nerd. Hardcore zombie trailblazer. Web fanatic. Evil bacon geek."

Russia’s invasion of Ukraine will not have the expected effect on increasing the defense budget. The new amount totaling more than $8 billion over five years, which is included in the 2022 budget, represents a difference of just 0.1% compared to expenditures already planned for the 2026-2027 horizon.

• Read also: The 2022 federal budget: shortfall but less wasteful

• Read also: Here are 10 actions from Freeland’s 2022 budget

In doing so, Canada is reducing its military budget from roughly 1.4% of its GDP to 1.5% by 2024, far from the 2% threshold recommended by NATO.

Alongside this announcement, Ottawa is launching a wide-ranging review that will “focus on the size and capabilities of the Canadian Armed Forces, their roles and responsibilities, and will focus on ensuring they have the resources they need to keep Canadians safe and secure. Contributing to operations around the world.”

Finance Minister Chrystia Freeland, at a Thursday afternoon news conference, indicated that such a review would provide a clear picture of the priorities the Defense Department should focus on.

“The situation in the world has changed, and I agree that we should spend more [en Défense]. But it is important to make these expenditures in a planned and efficient manner.”

This could explain such a marginal increase in the military budget.

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