The new money will allow Canada to reach by April 2026 the NATO goal of spending two percent of GDP on defense.

Prime Minister Mark Carney is set to announce a large increase in defense spending which would allow Canada to meet NATO’s target this fiscal year, according to The Globe and Mail.

Canada, under pressure to spend more on its military, vowed on Monday to boost funding for the armed forces and hit NATO's 2% military spending target this fiscal year, five years earlier than promised.