Covid-19: South Korea Cuts Defence Budget In Response To Pandemic
Click Like to Follow Fliegerfaust Facebook page to get the News ASAP / Share to share this post now.
April 17, 2020 - by Jon Grevatt, Bangkok
South Korea has announced a cut to its 2020 defence budget in response to Covid-19. The move means the country is one of the first in the world to officially reduce military spending due to the impact of the pandemic.
The Ministry of Economy and Finance (MOEF) in Seoul said in a statement on 16 April that the 2020 defence budget will be cut by KRW904.7 billion (USD738 million).
The MOEF said the funds will be part of a KRW7.6 trillion national 'emergency disaster assistance plan' to alleviate some of the adverse economic effects of the pandemic. Finances are also sourced from ministries including education, industry, agriculture, and environment, although the cut to the defence budget is the largest.
The MOEF added that defence budget...
- Airbus Pursues A400M Opportunity in South Korea... - FliegerFaust ›
- North Korea Fires 3 Unidentified Projectiles, South's Military Says ... ›
- Pilot of Korean Air Asking for Alcohol In Flight - FliegerFaust ›
- South Korea grounds nine Boeing 737 NG planes with cracks ... ›