TAIPEI (Taiwan News) — Premier Su Tseng-chang (蘇貞昌) on Tuesday (Oct. 4) announced a 12.9% increase to the national defense budget for 2023 and an increase of 13.9% when including a special budget for fighter jets.

While presenting a report on the central government's budget for 2023 at the Legislative Yuan on Tuesday, Su announced that the Ministry of National Defense has been allocated NT$415.1 billion (US$13.06 billion), an increase of NT$47.5 billion or about 12.9% more than this year. Including the special budget for procurement of new fighter jets, the overall scale reaches NT$586.3 billion, NT$71.6 billion more than the previous year, representing an increase of 13.9%.

Su said that the special budget for the procurement of new fighter jets and naval and air combat enhancements plans is NT$108.3 billion. Adding non-operating special funds of NT$62.9 billion, the total defense budget is NT$586.3 billion, representing an increase of 13.9% over last year.

Su pointed out that the government's estimated annual revenue for 2023 is NT$2.556 trillion, an increase of NT$289.5 billion over 2022, which is a rise of 12.8%. The government's planned expenditures for 2023 come to a total of NT$2.719 trillion (US$89.9 billion), an increase of NT$468 billion or 20.8% more than 2022.

The difference between spending and expected revenues is NT$162.6 billion, while there is NT$111 billion previously owed in debt, bringing total debt to NT$273.6 billion. This will be made up through borrowing NT$173.6 billion and transferring the remaining NT$100 billion from funds remaining in the 2021 budget.