Friday, February 18, 2011

Budget 2011: S'pore to Raise Defence Budget by 5.4%

18 Februari 2011

Singapore's Victory class corvettes (photo : Brett Turner)

SINGAPORE : Singapore, which has one of Asia's best-equipped militaries, has raised its national defence budget by 5.4 per cent this year, government data showed on Friday.

The government plans to spend S$12.08 billion (US$9.5 billion) on defence in the 2011 fiscal year, up from S$11.46 billion the year before.

Singapore's navy, army and air force will get S$11.53 billion to buy and maintain military equipment, for the upkeep of camps and for payment of salaries.

The city-state currently has a population of more than five million, a quarter of whom are foreigners.

Singapore's economy grew 14.5 percent in 2010, the fastest in Asia.

The defence budget is about five per cent of gross domestic product.

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