S. Korean gov't plans to spend more than $42 bil. on national defense in year 2019
Updated: 2018-08-28 18:00:34 KST
The Moon Jae-in administration has decided to allocate about 42 billion U.S. dollars next year on the nation's defense budget.
It is a whopping eight.two percent increase from the previous year.
This marks the highest increase rate on the nation's defense budget since 2008, and almost the double of the average annual increase rate of four.four percent seen from 2010 to 2017.
The government expects to spend over 13 percent more than the previous year on developing and improving defense capabilities, such as the acquisition of state-of-the-art weaponry like aircraft, and naval destroyers.
Included in this category are some four.five billion U.S. dollars the government expects to spend on establishing its so-called "three-axis system,"or the South's key three-part military strategy system to counter any North Korean threats, namely the Kill Chain pre-emptive strike system, the Korean Air and Missile Defense system, and the Korea Massive Punishment and Retaliation strategy.
A defense ministry official told Arirang News that next year's budget for the establishment of the three-axis system has also increased by more than 16.four percent, year-on-year.
The defense ministry explains that the increase on defense budget has been outlined to support the Moon administration's defense reform initiative, which aims to modernize and strengthen the nation's military capabilities, with active investment in the latest technologies.
The budget plan will be submitted to the National Assembly this Friday for parliamentary deliberation.
Park Ji-won, Arirang News.
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