Coronavirus chews up South Korean defence budget
The COVID-19 coronavirus pandemic is having a global economic impact, and defence spending will not be immune. One of the earliest casualties is the South Korean defence budget, which will be slashed by KRW904.7 billion ($724 million).
The Ministry of Economy and Finance (MOEF) announced the cut in a 16 April statement. It described how KRW192.7 billion will be pared off the operating expenses budget, and another KRW712 billion from arms procurements and R&D.
The defence budget was set at KRW50.15 trillion when revealed last December, representing a 7.4% year-on-year increase. This MOEF announcement thus represents about a 2% reduction
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