Global Markets
Home›Global Markets›Trade & Tariffs›Taiwan cabinet approves NT$145.7 billion supplementary…
Taiwan cabinet approves NT$145.7 billion supplementary defense budget
The move is set to lift defence-related spending to about 3.83% of GDP, after prior cuts reduced a larger eight-year special defence package.
Taiwan’s cabinet approved a supplementary defence budget of NT$145.7 billion (US$4.6 billion), pushing the island’s defence-related spending for the year above NT$1 trillion for the first time, according to SCMP Economy.
The extra funding is expected to raise overall defence spending from 3.32% of GDP to about 3.83% of GDP, described as the highest level in decades.
The supplementary budget still requires legislative approval and is intended to cover gaps left after opposition lawmakers cut NT$470 billion in May from an eight-year NT$1.25 trillion special defence package proposed by the government.