Amidst threats, Seoul eyes defence budget hike
South Korea’s Ministry of National Defense (MND) has requested a record defence budget of KRW43.7 trillion ($38.7 billion) for next year. Although yet to be approved, this figure represents an 8.4% increase compared to the 2017 budget.
There is an 11.6% rise (rising to $12.1 billion) on equipment, including the expensive blue ribbon Korea Air and Missile Defence (KAMD) system and the Kill Chain preemptive strike project.
A lot of the intended budget increase will also go towards the payroll, with President Moon Jae-in promising in his election campaign that he would gradually raise the country’s minimum wage
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