October 23, 2021

South Korea’s defense ministry proposes 4.5% increase in military budget

Ministry says it will ask National Assembly for nearly $48 billion for military operations, WMD response system

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.