Moon vows to raise defense budget
President Moon Jae-in vowed on Tuesday to raise the country’s defense budget to 2.9 percent of GDP from the current 2.4 percent within his five-year presidency. About 40.3 trillion won ($35.9 billion) was allocated to this year’s defense budget of the country. It could rise to as much as 50 trillion won in the next five years of his presidency. Moon took office on May 10.