TAIPEI -- Taiwan's cabinet on Thursday approved a record-high defense budget bill of 606.8 billion New Taiwan dollars ($19.1 billion) for 2024, marking the seventh consecutive year of increases amid China's growing threat over the Taiwan Strait and as the U.S. actively supplies arms.
The budget allotted by the Executive Yuan is up 4.6% from the previous year and is equivalent to about 2.5% of Taiwan's gross domestic product. The budget bill is expected to be formally passed by the end of the year after further debate in the legislature.
