(MENAFN) The S. Korean Defense Ministry said that the country had increased its defense budget for 2017 to cope with growing threats from North Korea.
The Ministry of National Defense confirmed in a statement that the defense budget will be USD34b for 2017, up 4.0% from 38.8tr won a year earlier.
Totally, 28.14tr won for the first time ever and accounts for 10% of the country's overall budget worth 400.5tr won for next year. However, two nuclear tests conducted in January and September, and launched more than 20 missiles this year alone.
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