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SINGAPORE, battling what is likely its worst-ever recession, plans to increase defence spending by 6.0 per cent from a year ago, estimates released on Thursday showed.
The government intends to spend $11.45 billion on defence during the 2009 fiscal year, the estimates showed.
In the budget, the government took the unprecedented move of tapping into its vast financial reserves as part of measures to fight the recession, Finance Minister Tharman Shanmugaratnam said during a speech in parliament.
Singapore, which has one of Asia's most advanced armed forces, spent $10.8 billion for defence in 2008, figures contained in the 2009 budget said.
The money will be used to purchase and maintain military equipment and facilities, and to pay the salaries of national servicemen.
The mission of the armed forces is to enhance peace and security through deterrence and diplomacy, but should these fail, the military will aim to 'secure a swift and decisive victory over the aggressor,' a statement on the Ministry of Defence website said.
Singapore has a population of more than 4.8 million people, 3.64 million of them citizens and permanent residents who provide the manpower for its conscription-based armed forces. -- AFP
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