Germany is ready to raise its share of NATO's budget by €5 billion ($5.6 billion) to €47.3 billion this year, German news agency dpa reported Friday.

According to the information, the German government expects that this year’s Germany’s military expenditures of particular importance to NATO will amount to 47.32 billion euros - five percent more than in the past, DW reported. 

The defense spending of Germany will reach 1.35 percent of GDP. This will mean the largest increase in the military budget of Germany since the end of the Cold War.

In 2020, the German allocations for military needs will increase to 49.67 billion euros, which will correspond to 1.38 percent of GDP. In 2018, this figure, according to the latest data, was only 1.23 percent of GDP.

As noted by dpa, the German government apparently hopes to at least temporarily defuse the conflict in the alliance over defense spending. US President Donald Trump has long expressed dissatisfaction, in his view, with the unfair distribution of the financial burden in the alliance and criticizes Germany for the relatively low share of military spending in its budget.

At the NATO summit in Brussels in the summer of 2018, Trump did not even rule out the US withdrawal from NATO unless all members of the alliance immediately increase defense spending to 2 percent of GDP.