South Korea to Increase Missile Defense Spending by $143Mln in 2017
12:05 05.12.2016(updated 12:08 05.12.2016)
South Korea will increase spending on missile defense systems by $143 million in 2017 amid North Korean threat.
TOKYO (Sputnik) – According to the Yonhap news agency, the Defense Ministry will receive $1.5 billion from the state budget in 2017 for improving missile defense systems.
The spending will cover Taurus ground-to-air wide range missiles, an early-warning radar, modernization of ground-to-ground missiles, modernization of KF-16 fighter jets, an update of Patriot Missile Defense System and the development of spy satellites and drones.
The overall military spending will rise by 4 percent for the first time, after the government has been gradually cutting military budget since 2011, reaching $34.7 billion.
The parliament adopted the state budget on December 3, 2016.
Tensions between two Koreas are rising after the North conducted two nuclear tests and launched over 20 missiles in 2016.
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