Sweden will reach a new NATO spending target of 5% of the country's GDP, Swedish Prime Minister Ulf Kristersson said on Friday during a joint press conference with NATO general secretary Mark Rutte in Stockholm.

A 5% defense spending target for NATO members is looking increasingly likely as the alliance prepares for its big bang summit later in June.

NATO allies will consider allowing contributions to Ukraine’s defense to be included in the new spending target alliance members are expected to adopt at a leaders’ summit later this month.