중앙데일리

Defense Budget Rate Lowest in 27 Years

May 25,1999
The national defense budget fell below the 20 percent level of total government expenditures for the first time since 1971.
In contrast, the economic development budget surpassed the 30 percent barrier for the first time since 1971 as the International Monetary Fund(IMF) bailout forced the government stimulate recovery.
The Ministry of Finance and Economy on May 25 unveiled its 1998 budget report to the cabinet.
According to statistics, national defense spending for last year reached 11.6 billion dollars, a 3.7 percent increase from 1997. Its portion in the whole budget of 60 billion decreased however from 21.3 percent to 19.3.
The 1998 education budget only rose 0.5 percent to 10 billion dollars, accounting for 16.6 percent of the total budget.

Hwashik Bong : trojans@joongang.co.kr


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