South Korea’s Ministry of National Defense (MND) said Tuesday that it will seek a 4.5% increase to the national defense budget for next year, as Seoul eyes “all-round” security threats including from North Korea.
The ministry will ask for nearly $48 billion (55.23 trillion won) for the 2022 fiscal year in a proposal that it will submit to the National Assembly on Friday. If passed, this would be more than a $3 billion increase over the last budget and would mark the third straight year that South Korea’s defense budget exceeded 50 trillion won.
South Korea’s Ministry of National Defense (MND) said Tuesday that it will seek a 4.5% increase to the national defense budget for next year, as Seoul eyes “all-round” security threats including from North Korea.
The ministry will ask for nearly $48 billion (55.23 trillion won) for the 2022 fiscal year in a proposal that it will submit to the National Assembly on Friday. If passed, this would be more than a $3 billion increase over the last budget and would mark the third straight year that South Korea’s defense budget exceeded 50 trillion won.
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