South Korea plans to increase military spending by an average of 6.8% annually until 2027 to achieve „overwhelming” capabilities to counter North Korea’s weapons programs, according to the plan presented Wednesday by the Ministry of National Defense in Seoul, EFE reports, Agerpres reads.
Seoul is expected to spend 560 billion won (about $441.26 million) over the next five years just to boost its ability to stop North Korean drones, according to Reuters.
South Korea’s Yonhap news agency reported in turn that Seoul’s Defense Ministry hopes to spend a total of 331.4 trillion won ($261 billion) over five years: 107.4 trillion won to improve defensive capabilities and 224 trillion won for the management of troops, equipment and military units.
The goal is to increase the country’s military budget – from 54.6 trillion won this year – to 57.1 trillion won for 2023, 61.4 trillion won for 2024, 64 trillion won for 2025, 70.9 trillion won for won for 2026 and 76 trillion won for 2027. The draft military budget must be approved by the National Assembly (Parliament).
Agerpres
