South Korea’s Ministry of National Defense (MND) announced on 6 December that it will receive a 2018 budget of KRW42.25 trillion (USD39.52 billion).
The MND said the expenditure – approved by the National Assembly earlier in the day – is a 7% increase over spending in 2016 and represents the biggest defence budget increase since 2009. The size of the increase, it said, is directly linked to growing North Korean missile and nuclear threats.
The MND added that the 2018 defence budget has increased by KRW40.4 billion more than the government originally proposed following an amendment presented by lawmakers in the National Assembly.
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