Taiwan’s Cabinet has proposed NT$440 billion ($14 billion) in defense spending for the 2024 fiscal year, a 7.5 percent increase from the previous year, amid rising military tensions with China, according to local reports.
The total defense budget may reach NT$534 billion ($16.98 billion) if the proposed additional budget of NT$49 billion ($1.6 billion) for enhancing military capabilities and NT$45 billion ($1.43 billion) for purchasing advanced fighter jets are approved, Taiwan News reported July 30.
