French President Emmanuel Macron has vowed to increase the country's defense spending until the end of 2030 to boost capabilities in response to new global threats amid Russia's invasion of Ukraine.. FT reports..

" Because of Russia's aggression against Ukraine, there are no more peace dividends,"

He said the country's military budget for 2024-2030 would be 400 billion euros if approved by Parliament, with an additional 13 billion euros in proceeds from the sale of assets.. This means a 40% increase in defense spending from 295 billion euros in the latest budget cycle from 2019 to 2025..

The French Defense Ministry said the government is aiming to increase its spending to more than two percent of gross domestic product in line with NATO commitments, but declined to provide specific projections..

The country spent about 1.8 percent of GDP on defense from 2014 to 2019, and 2 percent in 2020, the latest year for which data was available, according to NATO..

Germany last year pledged to reach the 2% target and allocate 100 billion euros to modernize its army. Britain spends 2.2 percent of GDP on defense and has not yet committed to a significant increase in the military budget.

France began increasing its defense budget in 2017 under then-President-elect Macron. The funds have been used to reinvest and renovate the force, he said, but much remains to be done.. According to the new budget, defense spending will increase to 59 billion euros annually until the end of 2030.

“Nuclear deterrence is what distinguishes France from other countries in Europe. Analyzing the war in Ukraine, we again see its importance,” Macron said, noting that part of the additional military budget will be used to improve the country’s nuclear arsenal..

France is also using an increase in the defense budget to purchase new tanks, fighter jets and drones, as well as upgrade existing equipment.. Military intelligence spending to rise by 60 percent.

Russia's invasion of Ukraine last year raised doubts among French officials about whether military nations could withstand the challenges of such a high intensity conflict, given limited supplies of equipment and munitions.. France was also forced to share military aid to Ukraine due to supply shortages..

In June 2022, Macron called on domestic defense contractors, notably Dassault Aviation and Nexter Systems, to shift to a " But analysts say no notable progress has been made since then, citing lengthy delays before the government places an order, as well as the time it takes to produce weapons..

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Earlier, French President Emmanuel Macron said that there was still a need to " At the same time, he added that he fully supports the Ukrainians in the fight against Russian aggression.. The last time the French president called for talks with Moscow was after a telephone conversation with local leader Vladimir Putin..