, Big Increase in Budget
AFP
Big Increase in Budget

Big Increase in Budget January 14, 2019

 

 

The Republic of Korea has decided to increase its defence budget. Seoul management aims to strengthen the defence infrastructure.

 

The Ministry of Defence of the Republic of Korea announced the defence budget planned for the period 2019-2023. According to the budget, a total of 270.7 trillion Won (241.9 billion USD) is planned to be spent in the defence area. It is aimed that under the plan the defence budget, which was around 4.9% of GDP in recent years, was increased to 7.5%. The amount allocated for the year 2019 will be 46.7 trillion won, while for 2020 it is planned to spend 50.3 trillion won, 54.1 trillion won for 2021, 57.8 for 2022 and 61.7 trillion won for 2023 for in defence.

 

Seoul management is aiming to increase independent defence capabilities with budget increase and reorganization of armed forces.

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