South Korea's 2020 defense budget jumped seven-point-four percent on-year to exceed 50 trillion won for the first time.

The Defense Ministry said on Tuesday that the defense portion of the budget approved by the National Assembly earlier in the day totaled 50-point-15 trillion won, up from this year's 46-point-seven trillion won.

The budget increase comes as South Korea faces growing security challenges, particularly involving North Korea.

The government will spend 16-point-68 trillion won on arms purchases and related research and development to boost defense capabilities, up eight-point-five percent from this year.

Around 33-point-47 trillion won has been set aside for managing military assets and forces, such as enhancing the welfare of military personnel, marking an on-year growth of six-point-nine percent.

The national defense budget has risen steadily in recent years, from 20-point-eight trillion won in 2005 to 31-point-four trillion won in 2011 and to 40-point-three trillion won in 2017.