South Korea’s Ministry of National Defense (MND) confirmed on 10 December that the country’s 2019 defence budget will be KRW46.7 trillion (USD41.6 billion).
The MND said in a press release that the new budget – approved by the National Assembly on 8 December – is an 8.2% increase over spending in 2018. It added that this represents the biggest jump in military spending since 2008 when the budget increased by 8.8%.
The approved budget is equal to allocation proposed by the MND in August. However, the MND said that during a subsequent parliamentary review the defence expenditure was reduced by KRW254.4 billion and then increased by the same amount in line with efforts to boost the welfare of military personnel.
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