Canadian Prime Minister Mark Carney will unveil a new security and defense investment plan on Monday that would enable Canada to meet NATO's 2% military spending target this fiscal year, the Globe and Mail reported, citing two senior government sources.

The spending increase, worth billions of dollars, will allow Canada to meet NATO's 2% target in the fiscal year ending next March and exceed it in future years, the report said.

NATO's current defense spending goal of at least 2% of GDP is met by 22 of its 32 members. Canada was near the bottom of the list in 2024, according to estimates published by the alliance.

The plan will include higher pay for members of the Canadian Armed Forces, new aircraft, armed vehicles, ammunition, new drones and more sensors to monitor the sea floor and the Arctic, the Globe and Mail said.

Reuters could not immediately confirm the report.

The Prime Minister's Office did not immediately respond to a request for comment outside regular business hours.

The spending announcement would come days before a June 24-25 summit of NATO leaders.

Reuters reported last month that NATO chief Mark Rutte had proposed alliance members should boost defense spending to 3.5% of GDP and commit a further 1.5% to broader security-related spending to meet U.S. President Donald Trump's demand for a 5% target.