Brunei increases defence spending by 4.7 ptc in 2016 (Source :bt.com.bn)Hanoi (VNA) – Brunei's Ministry of Defence has mobilised a defence budget of 564 million Brunei dollars (409 million USD ) for the 2016-2017 fiscal year, a 4.7 percent increase year-on-year.
Speaking at an ongoing meeting of the Legislative Council, Deputy Minister of Finance Abdul Rahman revealed that despite an increase of 27 million Brunei dollars in defence spending, the ministry will impose “austerity measures" in the context of weak global oil prices.
He added that the proposed budget was aimed at defending Brunei' s sovereignty and territorial integrity, but would also advance defence diplomacy and maintain Brunei's participation in international peacekeeping.
As low energy prices continue to weigh on Brunei's oil and gas dependent economy, a national budget of 5.6 billion Brunei dollars (4 billion USD) for the new fiscal year was proposed, which is an 800 million Brunei dollar (579 million USD) cut from the previous fiscal year.-VNA
