Taiwan’s Cabinet has proposed its biggest ever national budget for 2023. The figure of roughly NT$2.7 trillion (US$82 billion) includes record-high funding for national defense, as well as measures to raise Taiwan’s low fertility rate, provide elderly care and offer public housing.
Premier Su Tseng-chang said on Thursday that over the past four years, the country earned more than it spent by more than NT$100 billion (US$3 billion). Su says the new budget will help Taiwan continue to develop and provide proper care for its people as it moves forward from the pandemic.
Taiwan’s national defense budget is also rising to a record high of over NT$415 billion (US$13.7 billion), amid growing tension with China. Officials say the military requires a large budget for fuel and repairs to planes and battleships, and that the new budget satisfies these needs.
Besides supporting national defense, Su says the budget will also provide more funding for construction, technological developments and local government subsidies.
The budget still needs to be approved by Taiwan’s legislature.