TSAMTO, June 8. The National Assembly of the Republic of Korea has approved an additional budget law, which provides for a reduction in the financing of defense spending in 2022 by more than 1.5 trillion. won ($1.2 billion) compared to the previously approved volume.
As reported by Janes.com With reference to the official document approved at the end of May, as part of measures to find additional funding to mitigate the impact of the COVID-19 pandemic on small businesses, annual funding for defense spending will be reduced to 65.95 trillion. won ($52.55 billion).
Although in nominal terms, military spending still exceeds the budget of fiscal year 2021, taking into account inflation, the real annual reduction will be 1.4%.
Budget cuts are distributed between the Ministry of National Defense (INR) and the Defense Procurement Program Administration (DAPA), with INR accounting for the bulk of the cuts.
According to Janes Defense Budgets, the reduction of military expenditures of the Republic of Korea will take place only in 2022, then they will begin to grow again, and by the end of the decade they will reach approximately $ 65 billion per year.
