Taiwan's Bold Defense Budget Proposal for 2024

Taiwan's cabinet plans to propose a substantial defense budget of T$949.5 billion ($31.27 billion) for the upcoming year, making up 3.32% of the GDP. The budget allocation includes essential funding for the coast guard, veterans, and special projects. Further details will be disclosed during the cabinet's news conference.

Taiwan's government is preparing to propose an ambitious defense budget totaling T$949.5 billion (around $31.27 billion) for the next fiscal year. This allocation will comprise 3.32% of the nation's gross domestic product, according to the Central News Agency on Thursday.

The proposed budget aims to bolster various sectors, including the coast guard, veterans' welfare, and special military-related projects. The initiative signifies Taiwan's commitment to strengthening its national defense amid regional uncertainties.

The cabinet is expected to hold a news conference later on Thursday to unveil more details about this significant budget plan, highlighting Taiwan's strategic priorities in defense spending for 2024.

(With inputs from agencies.)