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.