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.

Carney emphasized that Monday's announcement means Canada will hit the NATO spending target "half a decade ahead of schedule," as he had promised to meet the threshold by 2030 during the election campaign.

Canada has been under pressure from the United States and other NATO allies for years to increase military funding. Canada currently spends about 1.4% of GDP on defense. "Now is the time to act with urgency, force, and determination," Carney said in a speech in Toronto, reiterating promises to work more closely with Europe's defense industry.