Andrej Babis says Prague cannot afford to accelerate defense spending despite pressure from the US and NATO amid growing concerns over Russia.
Russia's Finance Ministry projects a federal budget deficit of about 2% of GDP from 2027 to 2029 as defense financing remains a top spending priority.
The draft budget prioritises funding for defense, security and support for families of those involved in the military operation.
As the continent's car industry faces a prolonged downturn, some auto executives are hoping increased European defense spending could offer new industrial opportunities.
NATO Secretary General Mark Rutte credits Trump administration pressure on defense spending with spurring European countries to boost military resources.
The Congressional Budget Office says military operations against Iran have cost the Defense Department $38 billion and significantly depleted U.S. missile stockpiles.
The House approved a war powers resolution as a CBO report disclosed the conflict has cost at least $38 billion and severely depleted US missile stockpiles.
The Department of Defense estimated the conflict's price tag through late June, alongside reports of depleted munitions stocks and damage to buildings and aircraft.
The Congressional Budget Office estimates the conflict will cost an additional $3 billion monthly and take five years to rebuild defensive missile reserves.
A senior Labour figure told the Financial Times that joining the proposed Defense, Security and Resilience Bank could help Britain reach its 2030 defense spending target, according to a report cited by TASS.