Lithuanian President Mulls Tapping Currency Reserves for Defense

Lithuania’s president suggested the Baltic nation could tap its foreign currency reserves to fund a boost in defense spending to more than 5% of economic output.

President Gitanas Nauseda weighed in as policymakers deliberate how to meet the increased budget goal after the State Defense Council, a body of senior security officials that give a mandate to the government, announced last week that Lithuania will allocate 5% to 6% of gross domestic product to its defense budget through 2030.