Paris: French President Emmanuel Macron on Monday reaffirmed his goal of doubling France's defense budget by the end of his second term, stating that military spending would reach £64 billion (nearly $74.8 billion) in 2027. Macron made this announcement during his annual address to the armed forces ahead of France's Bastille Day.

According to Anadolu Agency, Macron emphasized the importance of accelerating the defense effort, moving forward the initial 2030 target to 2027. "£64 billion (nearly $74.8 billion) in 2027 means that, over 10 years, we will have doubled the defense budget. We have met that commitment every year, down to the last euro, and it will be achieved," he stated.

Macron highlighted that France had already fulfilled its earlier commitment to increase defense spending to 2% of the gross domestic product by 2025. This increment has enabled the country to fortify its armed forces amidst a series of international crises. He noted, "Before war returned to European soil, we had already begun our rearmament," referencing the ongoing conflict in Ukraine, instability in the Sahel, and tensions in the Middle East.

The French President stressed that the military buildup was crucial for France to continue its support of Ukraine and to tackle the increasing security challenges Europe faces. He called for additional public and private investment in the defense sector, stating, "We have launched the war economy, but is it enough? No."

Macron reiterated his advocacy for stronger European defense cooperation, asserting that Europe was evolving into a power capable of taking greater responsibility for its own security. He expressed regret over the collapse of the Future Combat Air System, a joint initiative by France, Germany, and Spain to develop a next-generation fighter jet, and encouraged European partners to persist with common defense projects.