Seoul approves biggest defence budget increase in a decade

10 December 2018

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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