To make this website work, we log user data. By using Shephard's online services, you agree to our Privacy Policy, including cookie policy.

×
Open menu Search

Coronavirus chews up South Korean defence budget

17th April 2020 - 23:30 GMT | by Gordon Arthur in Christchurch

RSS

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

Already have an account? Log in

Want to keep reading this article?

Read this Article

Get access to this article with a Free Basic Account

  • Original curated content, daily across air, land and naval domains
  • 1 free story per week
  • Personalised news alerts
  • Daily and weekly newsletters
Create account

Unlimited Access

Access to all our premium news as a Premium News 365 Member. Corporate subscriptions available.

  • Original curated content, daily across air, land and naval domains
  • 14-day free trial (cancel at any time)
  • Unlimited access to all published premium news
Start your free trial
Gordon Arthur

Author

Gordon Arthur


Gordon Arthur was the Asia Pacific editor for Shephard Media. Born in Scotland and educated …

Read full bio

Share to

Linkedin