SINGAPORE - Singapore, which has one of Asia's best-equipped militaries, has raised its national defense budget by 5.4 percent this year, according to government data released Feb. 18.
The government plans to spend S$12.08 billion ($9.5 billion) on defense 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 5 million, a quarter of whom are foreigners.
Singapore's economy grew 14.5 percent in 2010, the fastest in Asia. The defense budget is about 5 percent of gross domestic product.
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