Military demands more funds in 2017 to counter growing NK threats

Published : Oct 25, 2016 - 13:18 Updated : Oct 25, 2016 - 14:21

South Korea's military said Tuesday it needs more funds in 2017 to bolster the country's defense readiness posture in the face of growing nuclear and missile threats from North Korea.

In a parliamentary meeting to discuss the budget, Defense Minister Han Min-koo asked for an additional 712.4 billion won ($626 million) for the new year over the 40.3 trillion won requested earlier.

"We are requesting the increase so as to quickly put in place the country's ability to counter growing provocations by the North," the minister said.

The defense ministry didn't provide details regarding how the extra money will be spent.

Defense Minister Han Min-koo (Yonhap)

The annual defense budget for 2017 exceeded 40 trillion won for the first time and represents a 4 percent gain from a year earlier.

The defense ministry has asked for an average increase of 7.2 percent in defense budget during the 2014-2030 period due to the North's continued saber-rattling and considerable advances made in its nuclear and ballistic missile capabilities.

This year alone, the rogue state conducted two nuclear tests and launched a series of missile tests to achieve its stated goal of developing a nuclear-tipped long-range ballistic missile that could hit the US mainland. (Yonhap)