South Korea Vows to Step Up Defense Spending Over Next 5 Years
20221228
SEOUL (Sputnik) - South Korea said Wednesday it wanted to increase military spending by 331.4 trillion won ($261 billion) over the next five years, ratcheting up expenditure by an annual average of 6.8%.
"In order to establish a powerful military force... we have prioritized the allocation of resources needed to improve our defenses," the defense ministry said.
The ministry published a midterm draft budget for 2023-2027 that includes plans to scale up spending from 54.6 trillion won to 57.1 trillion next year and 76 trillion in 2027. The budget is subject to parliamentary approval.
South Korea will rely on a three-pronged defense system, which consists of the Kill Chain preemptive strike system, the Korean Air and Missile Defense (KAMD) and the Korea Massive Punishment and Retaliation (KMPR) strategies.
The blueprint came out two days after North Korea sent drones over the border for the first time since 2017, triggering a show of force by South Korea. The South Korean military was criticized at home over its weak response, which saw an attack plane crash during takeoff.
© Sputnik
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