TAIPEI (Taiwan News) — The Cabinet's Fiscal Year 2024 Central Government Budget proposes NT$440 billion (US$14 billion) in defense spending.

This marks a 7.5% increase compared to the budget approved by the nation's highest legislative body for 2023. It also represents a 38% increase over the course of eight years since President Tsai Ing-wen (蔡英文) took office.

The largest portion of the spending is set for social welfare, followed by education, science and culture, with the two seeing double digit increases. The total amount of spending proposed by the Cabinet for 2024 is NT$2.88 trillion.

Earmarked for the defense budget is NT$440 billion, LTN reported, while NT$534 billion will be spent on defense next year. There is an addition of two special budgets for improving air and sea strike capabilities, NT$49 billion, and for advanced fighter jets, NT$45 billion.

(Taiwan News image)

The proposal will be sent to the Legislative Yuan for approval after passage at a Cabinet meeting scheduled for Aug. 24.

Global military spending has been rising steadily over the past decade but has begun to surge, notably in Europe, after Russia's military aggression in Ukraine. It reached a new record of over US$2.24 trillion in 2022, with the top spenders being the United States and China, according to Project Syndicate.