OREANDA-NEWS Germany will increase its defense budget by almost $3.7 billion this year, German Defense Minister Christine Lambrecht told RIA Novosti.

She noted that this is an important sign because "now, with almost €50.4 billion ($53 billion), Germany has a solid base for the Bundeswehr's work." However, according to Lambrecht, the said amount is "too little" to make up for "lapses in the past."

Lambrecht reported that Germany needs $21.4 billion just to replenish its ammunition reserves. According to her, "Germany will be able to identify the most acute 'holes' and close them" thanks to a special defense fund of $107 billion.

Earlier, German Chancellor Olaf Scholz said that in the near future the country will have "the largest conventional army in Europe" among NATO member states.