South Korea agreed to an “exceptional” increase of its financial contribution to the U.S. military presence in the country and will pay 13.9% more this year than in 2020, the foreign ministry in Seoul announced on Wednesday.
According to the ministry’s press release, the cost-sharing deal also known as the Special Measures Agreement (SMA) requires South Korea to pay a total of 1,183 billion won (around $1.036 billion) in 2021. The contribution will continue to increase proportionally to South Korea’s total defense expenditure until 2025, budgeted at 53.2 trillion won (around $46.3 billion) this year and slated to grow by 6.1% on average annually.
South Korea agreed to an “exceptional” increase of its financial contribution to the U.S. military presence in the country and will pay 13.9% more this year than in 2020, the foreign ministry in Seoul announced on Wednesday.
According to the ministry’s press release, the cost-sharing deal also known as the Special Measures Agreement (SMA) requires South Korea to pay a total of 1,183 billion won (around $1.036 billion) in 2021. The contribution will continue to increase proportionally to South Korea’s total defense expenditure until 2025, budgeted at 53.2 trillion won (around $46.3 billion) this year and slated to grow by 6.1% on average annually.
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