South Korea's defense budget is expected to rise 5.4 percent year-on-year to 52.8 trillion won ($49.1 billion) in 2021, the country's Ministry of National Defense said on Wednesday, as reported by domestic media outlets
MOSCOW (Pakistan Point News / Sputnik - 02nd December, 2020) South Korea's defense budget is expected to rise 5.4 percent year-on-year to 52.8 trillion won ($49.1 billion) in 2021, the country's Ministry of National Defense said on Wednesday, as reported by domestic media outlets.
According to the Yonhap news agency, the extra funds will help the ministry bolster its self-defense capabilities and combat the threats posed by increased global instability and infectious disease outbreaks.
"Based on thorough preparations, we will use next year's budget effectively as much as possible to establish a strong defense posture and to achieve defense reform," the Ministry of National Defense said in a press release, as quoted by the agency.
In total, the ministry plans to allocate 17 trillion won to arms purchases, a rise of 1.9 percent from the preceding, the agency said.
"As major arms procurement projects, such as the introduction of F-35A fighter jets, are at their final stage, the rate of increase has slightly slowed compared to last year," the agency quoted the ministry as saying.
The bulk of the funds, 35.8 trillion won in total, will be used for managing military assets and forces, a year-on-year increase of 7.1 percent, the agency said.
South Korea signed an agreement back in 2014 for the purchase of 40 F-35A military jets from the United States in a deal valued at $6.4 billion. Seoul is also assessing the possibility of purchasing US-made vertical takeoff and landing F-35B jets.
